Expanding the market
Discussing the link between the two countries Vietnam and India, the delegates said that India is one of the top 10 trade partners of Vietnam, while Vietnam is India's 17th largest trade partner globally and 4th largest in the ASEAN region. Bilateral trade turnover in 2021 reached 13.2 billion USD, approaching the goal of 15 billion USD, the two countries still have a lot of potential and advantages that have not been fully exploited for economic and trade development and can complement each other. According to Mr. Mai Huu Tin - Chairman of U&I Investment Joint Stock Company, the shift of investors in China will be an opportunity for Vietnam and India. The problem is that the two countries must have a solution to take advantage, in which there is a need for linkage and support between the two countries. It is the link between Vietnamese and Indian enterprises in grasping the world market trend and the two governments quickly implement many solutions to attract investors.
Mr. Richard Rekhy (2nd from left) - Member of the Board of Directors, KPMG (UAEs) speaks at the discussion session
At the discussion session, Mr. Richard Rekhy - Member of the Board of Directors, KPMG (UAEs) pointed out promising fields of cooperation between Vietnam and India, including: Education, information technology, healthcare, and pharmaceuticals. According to him, the two sides need to work closely to open the market.
It can be seen that after the Covid-19 pandemic, many problems related to the medical field appeared: medical equipment, health care, etc. In this regard, Mr. Ajay Poddar - Managing Director, Synergy Environics, India said that with its advantages, India will be able to contribute and support Vietnam a lot in the field of health. In fact, medical costs are increasing, applying technology to reduce healthcare costs is the current trend. He emphasized: "We can build a lot of health care tools through the combination of technology and medicine. At the same time, the Government can support to set up start-ups to build home diagnostic technologies for common diseases, thereby reducing costs compared to having to go to the hospital."
Mr. Ajay Poddar - Managing Director, Synergy Environics, India discusses related issues
India is also a power in information technology, cooperation in information technology and startups also hopes to bring new breakthroughs between the two countries. Ms. Dang Van - Founder and CEO, Savvycom, Vietnam, said that India has a team of technological talents with a global integration mindset, meanwhile, in Vietnam, technology resources are still lacking, so Indian technology enterprises can train human resources with international skills and experience. She hoped that enterprises of both sides will carry out specific projects in this field.
Necessary to promote comprehensive cooperation
Mr. Mai Huu Tin said that Vietnam has a great role in the global agricultural supply chain, with strengths in agricultural and aquatic products, fruits, tea and coffee, etc. This could be a potential market for Indian enterprises operating in the field of processing and exporting to promote trade cooperation in agricultural and aquatic products. The current price of fertilizer in the world has increased three times, the world is short of agricultural materials, but Vietnam and India are fortunate to be two countries that are not affected. In the future, Vietnamese and Indian enterprises can link towards the abundant markets of China and the US.
Mr. Mai Huu Tin (left cover) - Chairman of U&I Investment Joint Stock Company says that in the future, Vietnamese and Indian enterprises can link towards the abundant markets of China and the US
Mr. Ajay Poddar - Managing Director, Synergy Environics, India assessed, Vietnam has a dynamic start-up environment; potential market; stable political and security situation, young workforce with high skills, low labor costs and easily trainable workforce. With those advantages, Vietnam is an attractive destination for many world business investors, including India.
In addition, according to experts, Vietnam is one of the pioneering countries in the world in promulgating national digital transformation programs and strategies, with a large and young population that is not afraid to experiment and accept technology consumer products. This is also an opportunity for Indian technology enterprises. The Vietnamese government needs to attract and create favorable conditions for Indian digital technology enterprises.
At the dialogue session, the delegates also said that in the future, the friendship between Vietnam and India should continue to be consolidated and comprehensively developed in all fields. In addition to defense, economy, trade, and investment in science and technology, the two countries need to promote human connection through promoting the education system and developing tourism between the two countries. Experts analyzed, regarding the relationship between India and Vietnam, this is a long-standing relationship with cultural links. India is a very large culture, with many famous spiritual and historical cultures, which have great attraction to Vietnamese people. Meanwhile, Vietnam has many natural landscapes, beautiful resorts, young people and the super-rich in India are interested in, etc. Regarding education, the universities of India and Vietnam have a huge scope of cooperation in many fields, including education and research. India has supported Vietnam in training Vietnamese officials, experts and lecturers in various fields including economics, politics, science and technology, the program has contributed to improving the quality of human resources, promoting Vietnam's socio-economic development and promoting extensive cooperation in the field of education between Vietnam and India.
Reported by Yen Nhi- Translated by Thanh Tam