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Indian firms sound out business opportunities   2009-04-03 - VietNamNet/SGT

Nine companies that are members of the Indian Chemicals & Allied Products Export Promotion Council on Wednesday met with Vietnamese enterprises in HCMC to sound out business prospects, especially in the chemical sector.

The Indian business executives had separate business matching meetings with nearly 50 local partners at the event organized by the HCMC branch of the Vietnam Chamber of Commerce and Industry (VCCI) and the Indian Business Chamber in Vietnam.

Dhananjay Kumar, chair of Incham, said that there was much room for improvement in the chemical trading sub-sector, as Indian companies accounted for a mere 2.3% of Vietnam’s chemical import bill of US$3.13 billion in the first 11 months of 2008, compared to China’s share of 21.6% and Taiwan’s share of 19.32%.

“I see a window of opportunity for Indian exporters/ manufacturers to explore the possibility of increasing Indian’s share in Vietnam’s total import of chemical and chemical products. And I believe that this event will help us in achieving it,” he said.

The Indian companies represented in the mission this time operate in a wide range of business areas, including chemical, mineral, stone, rubber, paper, and publishing.

Jitendra Nath Misra, consul general of India in HCMC, said some business delegations from India would come to Vietnam to sound out business prospects this year.

He said this was the third India – Vietnam business meeting this year. Earlier this month there was a meeting between enterprises of the Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council and 36 Vietnamese companies.

“We are due to have groups from the Cotton Textiles Export Promotion Council and the Solvent Extractors’ Association of India in May with many more to follow. Indian mining companies are looking at involvement in Vietnam,” he said.

In 2007, trade turnover between India and Vietnam increased by 51% over 2006, and in 2008 it increased by 61.61% over 2007.

“In September 2008 we achieved the target of US$2 billion in annual trade set by our two prime ministers for the year 2010. Trade turnover in 2008 was US$2.48 billion,” he said.

In 2007 India was the sixth largest investor in Vietnam, with registered capital worth US$533 million.

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