Vietnamese investors guaranteed favourable conditions in India’s Assam State
The statement was made by Chief Minister of Assam, Sarbananda Sonowal, during a conference to promote investment in the Indian northeastern state, which was jointly held in Hanoi on Monday evening by the Vietnam Chamber of Commerce and Industry (VCCI), the Indian Embassy in Vietnam and the Government of Assam.
The event aimed to help businesses of both sides to expand their investment and cooperation opportunities in various fields. Chief Minister Sonowal led a delegation of representatives from government agencies and businesses in the field of agriculture, real estate and investment to work with the Vietnamese side.
The Indian official stated that Vietnam and India have much in common and a lot of potential in cooperation, particularly agricultural development, along with geographical proximity, large agricultural resources, and rich potential for oil and gas exploitation, tourism and industrial development. These would be the fields that the Indian side wishes to enhance the cooperation and investment with Vietnamese enterprises, he affirmed.
He also invited the Vietnamese businesses to invest in his locality with preferential treatment in agriculture, industry, tourism, trade and energy.
Ambassador of India to Vietnam, Parvathaneni Harish, informed those present that this is the first time that Assam has sent 20 business representatives, who are owners of Assam’s largest farms with hi-tech application in agriculture. The Indian side has participated in trade promotion activities and will soon explore further cooperation opportunities in agriculture in Vietnam’s Central Highlands and the Mekong Delta regions, he added.
Ambassador of India to Vietnam, Parvathaneni Harish, speaks at the event. (Photo: NDO/Trung Hung)
Highly appreciating Vietnam's achievements in agriculture in the last 2-3 decades, the diplomat affirmed that the two countries have great potential and opportunities to cooperate in this field, saying that India wants to learn from Vietnam’s success in agricultural development.
VCCI Vice President Hoang Quang Phong expressed his expectation for more investment opportunities between the two sides in the near future, as Vietnam - India economic relations, trade and investment is constantly developing, resulting in the bilateral trade turnover at over US$7 billion last year.
India is one of the 30 countries and territories that are investing the most in Vietnam with over 180 projects at a total capital of over US$800 million, Phong informed, suggesting that Vietnamese investors should pay more attention to the Indian market, particularly Assam as the top choice, because of geographic proximity and cultural similarities, as well as attractive local policies in calling for investment.
He also called for investment from Vietnam to India in the fields that are Vietnam’s strength and India’s need, including textiles and garments, agricultural products, seafood processing, footwear, furniture and wood products.
At the roadshow, representatives from Assam introduced its potential and the local incentives in investment to the Vietnamese side. Assam is one of the largest states in northeastern India with a population of roughly 31 million and a high GDP growth rate of 13% during 2004-2015, reaching US$34 billion during 2016-2017.
At present, the Indian authorities have implemented a number of favourable policies for foreign investors, such as a corporate tax refund of 1.5-2% and preferential policies on land rental for 30 years with investment projects worth US$13 million.