NEW DELHI: While Vietnam has been cynosure of all eyes following its dispute with China
over the latter's claim in the South China Sea region, few would have noticed its recent
economic growth and market opportunities that it present. This growth has been based on
foreign direct investment (FDI) and Hanoi is keen to invite Indian investors in large as
enunciated by its prime minister during his trip to Delhi last month.
Vietnam's GDP grew 5.62% in the first nine months of 2014. The performance of the
economy is also supported by investment in the manufacturing sector, which remains the
most significant sector for foreign investment, accounting for almost 70% of total FDI. Textile
and garments, chemicals, agriculture and fishery are the sectors where Vietnam has sought
India's investments, official sources informed ET.
Vietnam is also looking forward to Indian investment in new business sectors where India
has advantages infrastructure and power generation and distribution, IT, education and
pharmaceutical research, according to official sources.
The present two way trade was $8.0 billion in 201314 and the two countries have targeted
15.0 billion before 2020. The two countries are contemplating to conclude the Preferential
Trade Agreement (PTA) to reduce more custom tariff.
Vietnam's stock market is among five markets with the strongest growth in the world.
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