November 26, 2020 New Delhi : Vietnam, a country with endless possibilities in several sectors in terms of trade , both import and export, and construction and building material is one such sector that has been showing a tremendous amount of growth potential in recent times. Embassy of Socialist Republic of Vietnam New Delhi in collaboration with The Policy Times organized an E- Seminar promoting Indo- Vietnam Trade opportunities in the rapidly booming and diverse sector of the construction and building material on Thursday, November 26th,2020 from IST 12.30 pm to 2.30 pm. The seminar on Thursday was chaired by the Ambassador of Vietnam to India (H.E) Mr. Pham Sanh Chau and moderated by Mr. Akram Hoque , The Founder-Editor of The Policy Times. The session was divided into inaugural and sectoral.
The moderator for the session Mr. Hoque started the inaugural session with quite an astonishing number of growing trade statistics between India and Vietnam. Vietnam is often time described as one of the recent times Asian Miracle only after prominent countries like China, South Korea. Vietnam’s resilience is excellently reflected in their growth of more than 2.6%GDP even at the time of struggle and difficulties brought forward by the Pandemic. The country has an exemplary achievement of 341 billion annual GDP and a trillion-dollar in purchasing power parity in the year 2020. This dazzling success of Vietnam as a developing economy was reflecting in their economic performance in the year 2018 and 2019 also as the country’s GDP was recorded at 7.1%. The statistical fact that Vietnam’s total foreign trade value is 530 billion USD which is almost double the amount of the country’s GDP $341 billion brings Vietnam to new light in terms of trade to foreign markets like India.
The e-seminar was formally opened with a welcome and keynote speech delivered by Dr. Do Thanh Hai, Deputy Chief of Mission, Embassy of the S.R. of Vietnam to India. Dr. Hai started with a much-agreed fact that building and construction a sector that is not much talked about but has yet untapped potential as Vietnam is a rapidly developing country in all aspects including construction that has seen the highest number of growth in the last few years. The rapid development of construction in Vietnam brings forward the trade collaboration opportunity between the two developing countries like India and Vietnam. Vietnam’s construction sector has seen a growth of 5.2 % in the year 2020 despite all the challenges and is predicted to grow 7 % between 2021 to 2024 and it bodes well for a much-expected trade relation and opportunities in near future from the construction and infrastructure sector.
Dr. Hai has also stressed quite ardently on Vietnam Government’s policies and endeavor to bring sustainable development in the building and infrastructure domain and their exemplary venture in scientific and technological solution so that the development does not impact the environment and quality material is the need of the hour to facilitate eco-friendly development.
The sectoral part of the E-seminar saw potentially much-experienced insight from quite a few Indian Industry leaders from the Indian building and infrastructure domain . Mr. Sunil Misra, Director General, Indian Electrical and Electronics Manufacturers’ Association (IEEMA) one such leader shared much-appreciated insight into the trade relationship between his network and Vietnam which is reflected in a balanced trade export and import statistics between India and Vietnam.
IEEMA collectively has done nearly 732 crores export and 827 crores import in electronic equipment and this statistic marks a new horizon of possibilities of trade in the electronic equipment secto. IEEMA has done a large number of foreign trade which is near to 5billion USD export to the rest of the world and Mr. Misra expressed high expectation in increasing trade relationship between two countries so that bilateral trade potential unearths new high statistics of growth .
Mr. BSA Narayan, National Vice President, Indian Plumbing Association delivered his compact and statistically potent insight about the plumbing sector the relatively young industry in terms of experimentation and growth but despite the aforementioned fact Indian plumbing market has seen a double digit growth between the financial year of 2013 to 2018. Mr. Narayan highlighted the factors that are driving the growth in the sector like increasing urbanization, increasing disposable income, growth in the real estate sector, growth in the hospitality sector, and increasing awareness among consumers.
Mr. Narayan stated that the first two factors alone have seen a qualitative and quantitative development for the sector in the Indian market and has tremendous future potential for trade . Consumer awareness, experimentation ventures, and disposable income in India have seen the standard of plumbing in India being upgraded to that of the International standard. IPA has also been upgrading their products to eco-friendly which could go hand in hand with Vietnam’s attempt to make their constructional infrastructure development sustainable and completely green.
Mr. Ashok Kumar Tiwari, Vice President, All India Brick & Tile Manufacturers Federation (AIBTMF) an esteemed representative from the brick manufacturing industry highlighted the mutual contribution between both countries as far as the transformation of today’s efficient brick manufacturing goes. He expressed his desire to have a better understanding of the trade potential of the two countries and to achieve mutual benefit and his industry’s foray into energy-efficient manufacturing.
Mr. S Krishna Prasad, General Secretary, Federation of Indian Granite & Stone Industry representative from a blooming subsector of the building and construction sector gave a comprehensive insight of the possibilities of trade in the discussed sector between India and Vietnam. He said-“India is a treasure trove of natural stones consisting of Granite, Marble, Sandstone, limestone quartzite, etc and a large number of Granite, Marble, and sandstone are being exported in nearly ninety countries including Vietnam. India has the largest deposit of natural stone and stands in the fourth position in the natural stone industry and India’s export has crossed 2.5 billion USD in the year 2019”. India has introduced the latest art of the state stone processing solution that is accepted all over the world also has applied new environmentally friendly techniques.
The e-seminar came to an end with H.E. Mr. Chau sharing his view and observation into potential the bilateral trade relationship. He expressed his expectation in terms of trade growth as Vietnam’s development economically has facilitated construction and infrastructure growth especially in civil construction and efforts to facilitate clean energy consumption and equipment to facilitate clean energy consumption.
Mr. Bui Trung Thuong, Head of Trade section, The Embassy of Vietnam to India ended the meeting with his vote of thanks and observation from the discussion between Indian Industry leaders and insight to building promising collaboration between industry leaders in India and Vietnam to facilitate business in the diverse sector of building and construction materials.
In the inaugural session Welcome & Keynote Speech by Dr Do Thanh Hai, Deputy Chief of Mission, Embassy of the S.R. of Vietnam to India. In the Sectoral Session Indian industry leadrs like Mr. Sunil Misra, Director General, Indian Electrical and Electronics Manufacturers’ Association (IEEMA),Mr. Ashok Kumar Tiwari, Vice President, All India Brick & Tile Manufacturers Federation (AIBTMF),Mr BSA Narayan, National Vice President, Indian Plumbing Association,Mr S Krishna Prasad, General Secretary, Federation of Indian Granite & Stone Industry gave their much experienced insight into the discussion