Indian firms to seek investment opportunities in Vietnam after COVID-19

A screenshot of the Invest Vietnam conclave organised by the Indian Investors Federation, the Vietnamese Embassy in India and Leaps and Bounds Consulting Vietnam. — Photo courtesy of the organiser

Many Indian companies want to come to Vietnam and explore investment opportunities after the COVID-19 situation comes under control, Dr Madan Mohan Sethi, Indian Consul General in Ho Chi Minh City, has said.

Vietnam is one of the fastest growing economies in the world and “is the country to watch out for” and “every provincial government has an open door policy and always encourages investments,” he told the first ever Invest Vietnam conclave organised by the Indian Investors Federation, the Vietnamese embassy in India and Leaps and Bounds Consulting Vietnam.

The webinar, which aimed to present Vietnam as an investment destination in various sectors, attracted the participation of 110 investors from India and other parts of the globe, officials from both governments and Indian business executives in Vietnam.

Vietnamese Ambassador to India Pham Sanh Chau said Vietnam is one of the most open economies in the world and “the Government’s vision is to make it a digital economy.”

He spoke about the potential for cooperation between the two countries, especially in sectors such as pharmaceuticals, manufacture of automobile parts and technology.

Vietnam has an eco-system for start-ups as well, and investors could also look to invest in these young companies with strong vision, and the Vietnamese embassy in New Delhi has a business-centred approach towards economic diplomacy and is keen to provide all kinds of support to the investor community, he said.

Raghu, Director of TATA Coffee Vietnam, said the smooth connectivity between industrial parks and ports is making the supply chain more efficient in the country.

He thanked the authorities for providing strong support to his company.

Sanjay Jain, CFO & HR head of Wipro Vietnam, said getting young and skilled manpower is never an issue in Vietnam, and his company plans to expand its operations, thanks to the Government’s open and supportive policies.

Ravi Vajpeyi, HCL Vietnam resident director, spoke about the rapidly growing information technology sector in Vietnam (worth 11.5 billion USD 2019) and large IT talent pool.

“The strong IT talent pool is of the biggest strengths of Vietnam’s IT industry.”

Speaking about the garment and textile sector, Selvaraj Gopal of TAP International said, “Vietnam is currently importing 85 per cent of its fabric needs from other countries, and so the scope for producing the same in Vietnam is high.”

Vishwas Saraswat, founder and director of Leaps and Bounds Consulting, said: “Given the current COVID situation, the Vietnam government is doing an excellent job and in fact last year the country’s GDP grew by 2.91 percent despite the turmoil in the global economy due to COVID-19.

“Vietnam’s open market policy with 14 plus free trade agreements will surely provide bigger markets to investors.”/.