At a reception in New Delhi for AK Gupta, Managing Director & CEO of ONGC Videsh, an international petroleum company of India and an overseas arm of Oil and Natural Gas Corporation (ONGC), Hue highlighted the traditional friendship and comprehensive strategic partnership between Vietnam and India in different spheres, from politics, diplomacy and national defense and security, to economy, trade, investment, education-training, culture, tourism and people-to-people exchange.

Vietnamese National Assembly Chairman Vuong Dinh Hue (left) hosts a reception in New Delhi for AK Gupta, Managing Director & CEO of ONGC Videsh.

Collaboration in energy and oil and gas exploration and exploitation is a key sector in the bilateral economic, trade and investment ties, he said, lauding the initial presence and successes of the corporation in Vietnam.

The top legislator expressed his hope that apart from oil and gas, Indian investments will be pumped into new fields, to bring two-way trade to USD 15 billion in the time ahead.

Vietnam commits to protecting interests of investors in line with legal regulations, he said, informing Gupta that the Vietnamese legislature will consider amending and supplementing the Oil and Gas Law to create a more favorable legal environment for the development of the industry.

For his part, Gupta said his corporation has maintained close cooperation with Vietnam Oil and Gas Group (PetroVietnam), and thanked Vietnam for its support to ONGC.

He also raised several petitions and noted his wish to continue long-term investment and business activities in Vietnam.

Source: VNA