The Asia-Northeast India Trade and Investment Summit is being jointly organised by the Indian Chamber of Commerce (ICC) and the ministry of development of the north eastern region (DoNER) in association with the Indian diplomatic mission in HCM City, Vietnam Chamber of Commerce and Industry and the Indian Business Chamber in Vietnam.

'It (summit) is the first ever initiative from India to unfold the vast resources of the north eastern region in Vietnam,' ICC assistant director Arijit Sarmah told IANS on phone from Guwahati.

'While India's 'Look East' policy will form the basis of the summit, it would focus on the rich natural resources of the eight north eastern states of India and their investment opportunities in sectors like hydro-power, food and agro-processing, infrastructure, oil and natural gas and the region's unlimited tourism potential,' he said.

Sarmah added that a large number of 'prospective investors from India have expressed their desire to participate in one-to-one discussions with Vietnamese businesspeople'.

Cambodian minister of Industry Nam Viyaketh delivered the inaugural address of the summit Thursday evening at the White Palace Convention Centre in HCM City, an ICC release said. Several ministers and top officials from the north eastern states would address the gathering.

A Special Session on 'Lao-Cambodia-Vietnam Development Triangle (LCV-DT) and northeast India' will be chaired by Northeast Secretary Jarnail Singh.

'The 140-member ICC delegation that takes part in the summit includes a number of ministers and government officials from the north eastern states of India. Over 150 Vietnamese companies are also expected to participate in the three-day summit,' the release said.

An exhibition, showcasing the exquisite handloom and handicraft products of the northeast and cultural programmes are also part of the summit.

'India and Vietnam share a wide area of convergence of strategic interests that can provide the basis of building and reinforcing economic cooperation between the two countries,' Sarmah said.

'In recent years several Indian companies have undertaken substantial investments in Vietnam. The trade between the two countries has increased ten-fold over the past decade, to reach about US$1 billion,' he added.

Indian Asian News Service - February 12, 2009

India, Vietnam eye 50 percent trade growth

India and Vietnam target bilateral trade worth US$3 billion this year despite the economic recession, the Indian ambassador to Vietnam said.

It would be a 50 percent leap from last year and Lal T. Muana acknowledged at a press conference Wednesday “It is an ambitious goal for both.”

But, introducing a two-day ASEAN-Northeast India Investment and Trade Opportunities Summit that opened Thursday in Ho Chi Minh City, he said it was “possible to achieve” the target.

Muana said last year’s figure of $2 billion had originally been set by the two sides for 2010. Bilateral trade was $70 million in 1995.

He said Indian businesses are eying the promising Vietnamese market, boosting exports by 45 percent last year, but Vietnamese exporters have yet to explore India, which needs Vietnamese products.

It is unfair for Vietnam that its exports account for just a third of the total bilateral trade though the Indian market is 12 times bigger, he said.

Vietnamese producers promoted their goods and services in the Thai, Chinese and ASEAN markets but not in India, leading to the deficit.

Shipping facilities between the two countries are poor, affecting trade, he said.

India exported feed, pharmaceuticals and textiles to Vietnam and imported minerals, precious stones and spices.

Pham The Hung, director of the Vietnam Chamber of Commerce and Industry in HCMC, said the two sides should try to narrow the trade gap while Vietnamese producers should promote themselves in Asia’s second-largest market as the Indians do in Vietnam.

The summit was attended by India’s Secretary, Ministry of Development for the North East Region, and government officials from eight northeastern states.

By Vinh Son - Thanh Nien news - February 14, 2009