A conference to foster trade and investment cooperation between Indian enterprises and Dong Thap in southern Vietnam kicked off in the Vietnamese province on Wednesday.

The two-day conference attracted over 130 Indian enterprises which had been seeking new cooperation opportunities in the province.

Vietnam and India share many similarities in terms of both culture and agricultural production, Vietnamese Minister of Agriculture and Rural Development Le Minh Hoan said, voicing his expectation that the event will create a breakthrough in collaboration between the two sides, especially in the processing of farm produce in Dong Thap.

“In the 1960s, India was among the first countries to initiate the green revolution, turning itself into a country which took the initiative in [agricultural development]," Hoan said.

“Given their science and technology, especially in agriculture, the two sides will deepen their cooperation in various sectors, including by enacting a plan to help Dong Thap join a project to develop one million hectares of high-quality rice paddies in the Mekong Delta [by 2030]."

Madan Mohan Sethi, Consul General of India in Ho Chi Minh City, stated that India had constructed a rice bran oil and food processing plant worth millions of U.S. dollars in Dong Thap.

“Vietnam has a strategic location and is one of the most attractive investment destinations in the world, but investment [in the country] remains modest and has mainly focused on the processing, manufacturing, power, and mining sectors," Sethi said.

“At this conference, Indian and Vietnamese companies will study the cooperation potential in agricultural product and food processing, textiles and garments, chemicals, plastics, and pharmaceuticals.”

Dong Thap Province has employed several strategies to attract investment, alleviate poverty, and ensure fast and sustainable development, Pham Thien Nghia, chairman of the provincial People’s Committee, said on the sidelines of the conference.

“The conference focuses on five sectors: agriculture, logistics, digital transformation, tourism, and infrastructure in industrial parks, all of which align with the province’s development orientations," Nghia added.

“I believe that the Indian enterprises which have made investments in the province and those attending the conference will create a strong wave, making [Dong Thap] an attractive destination which will lead to progress in the Mekong Delta and the country as a whole."

Trade between Vietnam and India reached US$15.05 billion in 2022, up 13.1 percent year on year.

Of the total, Vietnam exported $7.96 billion worth of products to India, a 26.8 percent rise over 2021, according to data by the General Department of Vietnam Customs.

The trade value between the two countries is forecast to amount to $20 billion by 2025.

As for Dong Thap alone, the province’s trade with India hit $18.13 million last year, nearly double the $9.68 million in trade it posted in 2016, reported news site Kinh Te & Do Thi (Economics & Urban Urban Affairs).

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