Despite the recent novel coronavirus (COVID-19) epidemic causing a significant impact on various global supply chains, both India and Vietnam are able to complement one another in multiple fields, especially in the textile and footwear sectors, said Indian Ambassador to Vietnam Pranay Verma at a recent press conference held in Hanoi.
Ambassador Verma believes that the COVID-19 epidemic has presented both challenges and opportunities for his country, with several Indian businesses that are involved in global production being affected by the sudden shortage of input materials.
He noted that India is able to supply Vietnamese enterprises with input materials, whilst the South Asian country is also keen to work alongside domestic enterprises to import products that India is lacking.
The Indian diplomat said the governments of both countries have therefore set a target of seeing trade turnover reach US$15 billion by 2020, adding that India is aiming to become an economy worth US$5,000 billion in the future which will offer plenty of opportunities for further co-operation.
He expressed his desire that local firms will be interested in the investment opportunities that exist in India’s priority areas, including the infrastructure sector.
Moreover, the South Asia nation is also keen on expanding markets and increasing investment activities in the country, particularly in fields that are considered to be India’s advantages, such as renewable energy, information technology, and pharmaceuticals.
According to Pranay Verma, his country currently has US$1 billion in credit package, specifically for enhancing connectivity, especially in the infrastructure and digital connectivity, noting that Vietnamese businesses have the chance of grasping this opportunity and taking advantage of the credit source.
Aside from improving overall product quality, local firms must also learn more about the practices, customs, and laws of India as a way of limiting the risks that come with exporting goods.