Promoting, connecting billion-people market

India is a country with a developed industry and the second most populous market in the world after China. Realizing the potential and opportunities that this market brings to the domestic business community, Binh Duong has stepped up the task of promotion, connection with Indian corporations and enterprises to call for cooperation and investment. Recently, Binh Duong has also hosted the Horasis  India Meeting 2022. These activities aim at providing the Indian business community with an overview of potential and opportunities before deciding to invest in Binh Duong.

Despite having a developed industry and being the world's most populous market, India's total investment in Vietnam and two-way import-export turnover between Vietnam and India are still quite modest.  By the end of 2021, India ranked 25th among 140 countries and territories investing in Vietnam with 313 projects, total registered capital of US$ 910.41 million. In terms of import-export turnover between Vietnam and India, in 2021, it only reached US$ 13.21 billion, accounting for nearly 2% of Vietnam's total import and export turnover. The main import-export products of the two sides were iron and steel, machinery and raw materials for production.

According to experts, the potential and advantages of the two countries are great, but India's investment in Vietnam is still low. The two-way import-export turnover between Vietnam and India has not met the expectations of leaders of the two countries. Many food and consumer goods of Vietnam have not had the opportunity to penetrate into this market. To connect and tap the potential of this billion-people market, ministries, central sectors and many localities with developed industry and tourism, namely Hanoi, Ho Chi Minh city, Da Nang and Binh Duong have promoted investment and trade with Indian partners.

With advantages in terms of infrastructure and completed industrial parks, through many different channels, Binh Duong has approached large Indian corporations and enterprises to call for investment. Recently, Binh Duong has also hosted the Horasis India Meeting 2022 to introduce the local investment climate to Indian investors. All these activities are aimed at connecting Indian enterprises with Binh Duong ones in particular and the domestic business community in general, jointly investing in and tapping the potential market of the two sides.

Assessing the investment climate of Binh Duong, many Indian enterprises after attending the Horasis India Meeting 2022 said that Binh Duong has a modern and developed traffic and industrial infrastructure system. Binh Duong people are friendly, hospitable and especially the culture of the two sides is quite similar. This is an advantage for Binh Duong to attract investment from India. With the advantages that have been tested in practice, it is believed that many Indian investors will find investment opportunities in Binh Duong.

Reported by Le Quang-Translated by Kim Tin