He made the remarks while attending the business round-table conference jointly held by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Embassy of Vietnam in India on July 5. The event drew the participation of over 20 leading companies in India, including TATA, ONG Videsh Ltd., Phamexcil India, Wipro Ltd., Escorts Ltd, ADANI and Prime Media.

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Deputy PM and FM Pham Binh Minh

Vietnam is a fertile land for Indian investors as its fast growing economy with strong purchasing power and developing industries is in dire need of capital and technology, Minh highlighted.

He stressed that striking similarities in natural conditions, history and the economy together with sound politic cooperation have laid a solid foundation for economic cooperation.

Indian businesses said they want to pour investment in the Southeast Asian country, asking the Vietnamese Government to further support and create favorable conditions for foreign enterprises in investment licensing and customs procedures.

Noting recommendations of Indian corporations, Minh affirmed that the Vietnamese Government is making efforts to improve business climate and provide a complete transparent legal system. The country has always attached much importance to the private sector and foreign-invested sector and taken drastic measures to enhance competitive capacity, he said.

Vietnam targets an economic growth rate at 6.5-7 percent and a modern industrial country with stable and sustainable development, with the support of export, domestic market development and investment enlargement during 2016-2020.

Source: VNA