Tuesday, February 25, New Delhi: Master Plan opens new investment avenues for investors …” – Vietnam’s Planning and Investment Minister H.E. Mr. Nguyen Chi Dung. Vietnam is the 5th Largest Economy in the world and the only fast moving country which has possibilities of business and investment in any sector especially in technology sector has huge prospects for investment.
The Embassy of Socialist Republic of Vietnam in India and Ministry of Planning & Investment in association with The Policy Times organized an Interaction on “Investment Opportunities in Vietnam” on 25th February at the Vietnam Embassy, New Delhi. The Planning & Minister of Vietnam H.E. Mr. Nguyen Chi Dung and 11 accompanying delegates were present on this program. More than fifty Indian Industries in different sectors have joined the program to interact with the Minister directly.
H.E. Mr. Nguyen Chi Dung said, “Automobile Industries has good prospects and they are expecting some investments as well. Population 100 million and it’s a very fast growing Country. Huge markets for automobiles. In respect to labors he adds there are good labors and the country mostly focuses and ensures Skill and vocational training”. Coming to the industry people, they shared their queries on doing business in Vietnam. Mr. Amit Kataria from Renesco India Pvt Ltd put his queries on Data Related TO work, Potential in Vietnam in regard of tunnel waterproofing, grouting, injection, underground building waterproofing.
Mr. Bijender Goyel, Ex Minister, Jharkhand and Chairman, National Council on Disaster Management, ASSOCHAM asked, “What would be the possible opportunities for investment in the Water purifying sector (Drinking water)”?
From the textile industry, Ranbir K Vij, Sec. Gen, Indo Rama Synthetics enquired on probable power cost of any set up firm and the labor cost for the heavy industries. He also asked about the policies and on term incentives in Vietnam. Mr. Salil Chawla from DFU publications, put his question on existing investment in textile sectors and the current incentives. Mr. Yaseen Hasan, Sky tower, who wants to set-up his firm in Vietnam, enquired about the possibilities of investment for non-woven materials.
From the liquor industry question raised on opportunities of the liquor production in Vietnam. From GMR Group – “How can there be collaborations in Vietnam for the Airport and Tourism promotions? Looking forward for setting up in Vietnam? From the NTPC Ltd. (formerly known as National Thermal Power Corporation Limited) “what are the recent development in generation of electricity with the help of coal? Is Vietnam shifting to any other resources for electricity? Incentives for Smart Cards?”
Organization like ‘Scicomm’ looking forward to establish astronomical parks in Vietnam and also looking for some partners in travel tourism sector in Vietnam.
Moreover, many queries raised from the entire event like:
- Possibilities of Artificial Intelligence programs in education sector
- Possible platforms for implementation of AI, Possibilities of the investment
- Barriers for investment/trade among ASEAN countries
- Government Policies for investment
- Rates of the taxes, GST , Or other taxes
- Views and opportunities in respect to Economy being cashless , digital economy
- What are the legislations and taxations and What would be needed if any firms want to set up office in Vietnam?
Planning and Investment Minister H.E. Mr. Nguyen Chi Dung answered all the questions briefly. Addressing to the automobile industry, he said, “there is huge markets for automobiles. In respect to labors he adds there are good labors and the country mostly focuses and ensures Skill and vocational training.”
General Director of Foreign Investment Agency, Dr. Do Nhat Hoang mentioned few reasons why Vietnam is favorable for investment –
- Cheap Labor Cost
- Manufacturing cost is very reasonable
- Vietnam is always 2nd & 3rd preference for investors to invest
- It has good traditions of investment
- Open Country to have trade
- Vietnam connects trade to South west and China as well
For Energy sector Vietnam encourages Green energy, the minister encouraged all the industry representatives to draft proposals of their plans and strategies for investment In Vietnam. In respect to Education he mentions that they take consideration of Setting up institutions. Economy has almost become 30 % digital. He also added that for the generation of electricity there has been no such policies which are implemented to stop using coal in Vietnam. There has been recent Development in IT Sector, there are more than 1 Billion IT engineers.
More can be done in Vietnam in respect with Artificial Intelligence. There are organizations who have started working on connecting retail shopping and are working for cashless dealings. Labors are overall skilled and are actively working in Manufacturing Industry. Vietnam is the rapidly growing economy and a huge number of FTA signed with several countries. The government’s commitment to private-sector–led growth has helped improve the business climate. Vietnam’s regulatory quality and ease of doing business generally improved over the years, reflecting a leveling of the playing field between the private sector and the state
At the end of the program Minister & Ambassador H.E Mr. Pham Sanh Chau along with the 11 accompanying delegates had few Bilateral Trade meetings with a couple of Companies as well.