The Confederation of Indian Industry (CII) and Vietnam Chamber of Commerce and Industry (VCCI), will collaborate under a Memorandum of Understanding (MoU) to facilitate the strengthen trade and investment between India and Vietnam.
The MoU was signed in Mumbai earlier today by Dr.Vu Tien Loc, Chairman & President of the Vietnam Chamber of Commerce and Industry and Mr. Syamal Gupta, Member, CII National Council & Chairman, Tata International Ltd.
In signing the MoU both parties shall cooperate to further improve and expand trade, investment, technology cooperation and will pursue the establishment of the "Vietnam-India Business Forum" to create a permanent vehicle for the promotion of bilateral cooperation.
As Vietnam has become a new member of the WTO, a favourable environment with great opportunities is being opened up for cooperation between Vietnam and the world particularly the South Asian countries. It also demonstrated Vietnam's commitment towards transformation into a market based economy.
Although Vietnam entered the global economy later than most SE Asian countries, its progress is impressive. Vietnam's economy has grown from US$ 45 Billion in 2004 to US$ 60 Billion in the last year.
Global integration has accelerated with the annual exports now reaching US$ 40 billion and FDI commitments surging to US $ 10 Billion in 2006 – Vietnam has become Asia's second fastest growing economy
Recently adopted laws to unify the regulatory framework for domestic and foreign enterprises and to harmonise rules on trading rights have bolstered the investment climate.
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