PM meets leading Indian economic conglomerates

Prime Minister Pham Minh Chinh received leaders of several leading Indian economic conglomerates in New Delhi on July 31, with the discussions focusing on deepening and concretizing the Vietnam-India comprehensive strategic partnership, the Vietnam News Agency has reported.

PM Chinh is on a State visit to India between July 31-August 1.

The PM met with Rajesh Kumar Singh, Chairman of the National Industrial Corridor Development Corporation (NICDC) Limited – a unit of the Indian Ministry of Commerce and Industry’s Department for Promotion of Industry and Internal Trade.

PM Chinh commended NICDC's operational model, scale, vision, and significant role in India's socio-economic development, modernization, and industrialization, particularly in developing strategic infrastructure and creating new growth spaces.

Considering it a good model for Vietnam to follow, the government leader requested Vietnamese ministries, agencies, and localities closely collaborate with the Indian ministry and NICDC, while suggesting the establishment of a working group to facilitate bilateral cooperation, research, and experience exchange in the near future.

On the same day, the PM received Mr. Arun Kumar Singh, Chairman and CEO of the Oil and Natural Gas Corporation Limited (ONGC), the largest of its kind in India.

Mr. Singh told the Vietnamese leader his wish to expand investment cooperation in Vietnam, where the corporation’s subsidiary ONGC Videsh Ltd is currently involved in a joint venture for two oil and gas blocks.

Considering oil and gas cooperation a pillar of bilateral relations, PM Chinh encouraged ONGC to further invest in the field and the renewable energy sector in Vietnam. He requested ONGC's assistance in evaluating oil and gas reserves within areas under Vietnam's sovereignty, and urged the company to explore more investments, partnerships, and joint ventures with capable Vietnamese partners serving energy development as well as related technology transfer and human resources training.

The PM affirmed that the Vietnamese Government is willing to provide a favorable legal environment for investment and business activities of both domestic and international enterprises, including Indian companies like ONGC Videsh. He assured continued facilitation for the group's sustainable and successful operations in the country.

PM Chinh also met Director Shikhar Malhotra and senior members of HCLTech, which boasts offices in over 60 countries, including Vietnam,  and offers a wide range of IT infrastructure management, digital transformation, cloud services, cybersecurity, engineering, and R&D solutions.

Mr. Malhotra reported that HCLTech has established representative offices in Hanoi and Ho Chi Minh City, achieving revenues of $16.5 million in Vietnam for the fiscal year 2024 and creating over 1,000 jobs through partnerships with 19 Vietnamese universities. The company is interested in engaging in sectors such as smart cities, digital transformation, and aviation in Vietnam.

Praising HCLTech's operational model, scale, vision and role; and welcoming its plans for cooperation and technology transfer with Vietnam, the PM encouraged the company to continue collaborating with the nation regarding digital infrastructure investment, smart management experience sharing, and high-quality human resources training. He emphasized the importance of such cooperation in the areas of digital transformation, knowledge economy, digital economy, innovation, semiconductors, artificial intelligence, cloud computing, and cybersecurity.

The PM also suggested that HCLTech consider outsourcing technology products to capable Vietnamese companies, thus helping them integrate into the global supply chain under a win-win principle.