India Inc making foray into Vietnam
After making forays into Chinese and US markets, some of Indian corporates, like Essar and Tata, are entering Vietnam.
By PTI |
NEW DELHI: After making forays into Chinese and US markets, some of Indian corporates, like Essar and Tata, are entering Vietnam, billed among Asia's fastest growing markets.
"Top Indian corporates such as Essar and the Tata Group have made big-ticket investments in projects in that country, and many are considering to increase their presence in the one-party communist state," Ficci's study on India-Vietnam Trade said.
The study said Indian exports could make a dent in the Vietnamese market in various sectors including IT, agro and food processing, railways, energy, tea processing machinery, textile machinery, and power transmission and generation.
Bilateral trade between India and Vietnam reached a volume of one billion dollar in 2006. Both countries have set a target of doubling trade and reaching a volume of two billion dollars by 2010, as per government sources.
"India is among top 10 investors in Vietnam. Essar Group is setting up a hot rolling steel mill worth 527 million dollars in Ba RiaVung Tau and Tata Steel is to set up a steel complex in Thach Khe-Ha Tinh with estimated investment of 3.5 billion dollars," Ficci said.
Vietnam has emerged as a favoured destination for investors owing to a numbers of reasons like political stability, rich natural resources such as oil and coal, and 3,300 km of coast is an added advantage to attract investment in Vietnam," the industry body said.
Animal feed ingredients is one of the India's largest export items to Vietnam followed by metals, plastics, steel, cotton, pharmaceuticals and machinery, it said.
Indian exporters are brining in foreign exchange by selling chemicals leather, textile and pesticides, while it imports coal, pepper, tea, coffee, rubber, computer hardware and electronic goods.
"Top Indian corporates such as Essar and the Tata Group have made big-ticket investments in projects in that country, and many are considering to increase their presence in the one-party communist state," Ficci's study on India-Vietnam Trade said.
The study said Indian exports could make a dent in the Vietnamese market in various sectors including IT, agro and food processing, railways, energy, tea processing machinery, textile machinery, and power transmission and generation.
Bilateral trade between India and Vietnam reached a volume of one billion dollar in 2006. Both countries have set a target of doubling trade and reaching a volume of two billion dollars by 2010, as per government sources.
"India is among top 10 investors in Vietnam. Essar Group is setting up a hot rolling steel mill worth 527 million dollars in Ba RiaVung Tau and Tata Steel is to set up a steel complex in Thach Khe-Ha Tinh with estimated investment of 3.5 billion dollars," Ficci said.
Vietnam has emerged as a favoured destination for investors owing to a numbers of reasons like political stability, rich natural resources such as oil and coal, and 3,300 km of coast is an added advantage to attract investment in Vietnam," the industry body said.
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Animal feed ingredients is one of the India's largest export items to Vietnam followed by metals, plastics, steel, cotton, pharmaceuticals and machinery, it said.
Indian exporters are brining in foreign exchange by selling chemicals leather, textile and pesticides, while it imports coal, pepper, tea, coffee, rubber, computer hardware and electronic goods.
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