Ambassador’s remarks at Indian Business Chamber’s Business Meet on
14 February 2025
Good evening, Namaskar, Xin Chao,
I congratulate INCHAM and its members on 25 years of successes and progress of INCHAM, Hanoi. INCHAM’s achievements in promoting Indian businesses in Vietnam, growth in India-Vietnam trade and socio-cultural activities are self-evident. Today, Indian and Vietnamese economies are better placed than 25 years ago and both countries are moving forward more firmly on the path of Developed India @ 2047 and Vietnamese Vision 2045 with General Secretary To Lam’s call for “Nation’s Rise”. In this backdrop, Embassy will be keen to strengthen further our partnership with INCHAM in advancing bilateral trade, investment, business collaboration and cultural outreach.
2. The year 2024 marked healthy progress in India-Vietnam partnership, particularly economic relations. It witnessed Vietnam’s Deputy Prime Minister leading a business delegation to Vibrant Gujarat Summit in January, India as Guest of Honour at Vietnam Expo in Hanoi in April, Prime Minister of Vietnam’s State visit to India in end July-early August, important meeting between Prime Minister Modi and General Secretary To Lam in New York in September, India Pavilion at VINAMAC in Ho Chi Minch City in November, and numerous fruitful engagements at the level of the Governments, businesses and people. Almost 30% rise in tourism flow in both directions, growth in trade, business travel, expansion of direct flights are visible manifestations of this growing partnership. VinFast’s announcement and ground breaking ceremony in February last year for vehicle manufacturing in India was a harbinger of growing business interest between the two countries.
3. This week, the ASEAN-India Joint Committee to review the Trade in Goods Agreement held its seventh meeting in Jakarta which seeks to upgrade the (free) trade regime with Vietnam and other ASEAN countries. India-Vietnam Joint Trade Sub-Commission Meeting is planned in 2nd quarter of this year in Hanoi. Joint Working Group on Agriculture, Health, Information (digital) Technology, Atomic Energy, others are under consideration. Certain investment proposals and collaboration on economic projects are subject of active engagement between the two countries.
4. India-Vietnam trade grew by 4% in 2024 to USD 14.9 bn. This is an area which requires more efforts by all, the INCHAM, business community in both countries and the governments. Embassy is planning several delegations with Indian business associations in well-considered, promising sectors for India & Vietnam such as electronics, IT, chemicals, infrastructure, engineering etc. Last month, we discussed with INCHAM Board the collaboration with Embassy on certain economic initiatives. I also urge Vietnamese businesses to pursue the Indian markets through exhibition and tie-ups for trade, business partnership and investments more actively for which Embassy’s commercial team will be ready to support.
5. Sometimes global economic environment and developments may suggest uncertainties and complexities. These may also be an occasion for India and Vietnam’s increased efforts for greater mutual focus amid the global realities.
6. Tet is an occasion for optimism and enthusiasm to march forward energetically. I wish the business community success and prosperity into this new year. Embassy, in cooperation with governments, in both countries, is determined to intensify efforts to advance bilateral economic and business cooperation in 2025.
Thank you, Xin Cam On.
