A business forum that aimed to promote cooperation between Vietnamese and Indian enterprises closed in New Delhi on Saturday under the chair of visiting President of the Vietnam Fatherland Front (VFF) Central Committee Nguyen Thien Nhan, according to the Vietnam News Agency.

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Organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Confederation of Indian Industry (CII), the forum provided a good opportunity for the business circles of both countries to further their partnership.

The VFF leader told the delegates that Vietnam has successfully shifted from a centralized economy to a market economy thanks to the Doi Moi (renovation) policy launched in 1986. Vietnam has achieved an average growth rate of 6.7 percent annually during the past 28 years, 1.36 times higher than that of other newly-emerged and developing countries, and 2.8 times the rate in developed economies, VFF President Nhan said. He added that India has become one of the 10 largest trade partners of Vietnam, with two-way trade reaching US$5.6 billion last year, 77 times higher than the $72.1 million mark in 1995. Nhan urged businesses of both countries to seek more partnership opportunities to further boost their bilateral trade ties. According to Sudhr Kapur, CII chairman, and Sanjay Bhattacharyya, head of the South Division at the Indian Foreign Ministry, Vietnam is an attractive destination for Indian investors. In 2013, India had 77 projects worth $254 million in Vietnam, while the Southeast Asian country invested $24 million in projects in the South Asian nation, they said. After India and the Association of Southeast Asian Nations (ASEAN) signed a free trade pact on goods, their two-way trade increased by four times, Bhattacharyya said, adding that trade value is expected to hit $20 billion in 2020. Kapur and Bhattacharyya said that once India and ASEAN realize their free trade agreement on service and investment, many more opportunities will open up for both sides.

The CII chairman said economic and trade ties between the two countries will be fostered after an economic corridor is set up between the Mekong Sub-Region and India.

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