India, Vietnam must deepen ties amid profound changes in world: To Lam

Mumbai: Vietnamese President To Lam on Thursday pitched for deepening of ties between Vietnam and India amid "profound changes" like advent of AI at the global level.

Reconstruction of global supply chains, strategic competition between major economies, emergence of digital technologies like artificial intelligence, green transformation and increasing demands for economic autonomy are the profound changes happening in the world, Lam said.

"These developments challenge and open up historic opportunities for Vietnam and India to upgrade economic cooperation, from traditional cooperation to strategic integration in new value chains," Lam said at the India-Vietnam Business Forum here.


Lam, who is on a state visit, said the bilateral cooperation between Vietnam and India has developed strongly and comprehensively ever since the establishment of a comprehensive strategic partnership in 2016.

He, however, said that there is far more that the two countries can do.

"We have even more opportunities to write a new chapter in this story, not just cooperation but co-creation in the global supply chain," Lam, who is also the general secretary of the Communist Party of Vietnam Central Committee, said.

Business community from both countries needs to be bolder in taking advantage of the facilitative environment ushered by the two governments, he said, adding that they should work together, and share experiences and technology.

Lam urged the business community to broaden ties and make the bilateral trade more balanced, and also invest more into key areas of the future such as AI, semiconductor, pharmaceuticals, biotechnology, clean energy, logistics, data centre and research and development.

"We pledge to uphold the legitimate rights and interests of investors, foster dialogue and create a transparent business environment and healthy competition," he said.

Speaking at the same event, Maharashtra's Chief Minister Devendra Fadnavis asked Vietnamese companies to make his state as their gateway to the vast Indian market.

He also welcomed the USD 6.5 billion investment commitment made by the Vin Group in Maharashtra across many sectors.

Earlier in the day, Lam attended a bell-ringing ceremony at India's largest stock bourse NSE.

A delegation from Ho Chi Minh City also attended a roundtable organised by the MVIRDC World Trade Center Mumbai.