The Calcutta Chamber of Commerce in India led a business delegation of its members to Vietnam from February 25 to March 2.

It sought trade and investment opportunities through meetings with senior officials of relevant ministries and investment agencies, industry associations, trade bodies, original equipment manufacturers (OEMs), and other stakeholders.

In order to promote bilateral cooperation in various sectors, a seminar followed by a B2B meeting took place on February 28 in Hanoi. Organized by the Indian Business Chamber in Vietnam, the event saw the presence of 15 leading Indian companies as well as representatives from relevant ministries, associations, and companies in Vietnam.

On the same day, the Calcutta Chamber of Commerce signed an MoU with Invest Global, the Investment Information and Consulting Center under the ️Vietnam Association of Foreign Invested Enterprises (VAFIE).

Mr. Kishan Kumar Kejriwal, Chairman of the Calcutta Chamber of Commerce, told VnEconomy that the signing of the MoU offers great opportunities for businesses in both countries, especially importers and exporters. The cooperation will help Indian companies learn more about the investment environment in Vietnam and connect with counterparts in the country.

“We hope that members of our Chamber, with strengths in areas like edible oil, refining, construction materials, infrastructure, education, technology and automation, packaging, ethanol plants, DDGS, health and wellness products, de-oiled rice bran extraction, rapeseed meals, sunflower meal and cattle feed, joss powder, and metal fittings, especially in the SME sphere, will find good opportunities for trade and investment in Vietnam and will greatly benefit from their interaction and first-hand knowledge of the market,” Mr. Kejriwal said.

“There are huge opportunities for bilateral trade and business between India and Vietnam. In order to build economic ties, the business community in both countries need more frequent interaction, to understand what they can supply to each other and also to understand each other’s needs more closely. Both countries should sit down and seriously work towards exploiting the tremendous bilateral trade potential.”

According to Mr. Ajay Agarwal, an elected member of the Calcutta Chamber of Commerce, Vietnam has good industrial infrastructure and land policies. The Vietnamese people are also very intelligent and hardworking. Though there is a language problem, Vietnamese workers learn everything very quickly. Therefore, Indian investors see Vietnam as an attractive market with high-quality human resources.

Founded in 1830, the Calcutta Chamber of Commerce is the oldest commerce and industry association not only in India but in all of Asia.

India today is the world’s fifth-largest and fastest-growing economy. Growth is forecast at 7 per cent this year, and the country projected to have the world’s fourth-highest GDP by 2027.

India and Vietnam have shared long and deeply-rooted relations for hundreds of years. Both countries fought a common struggle for liberation from colonial rule and won independence. Mahatma Gandhi and President Ho Chi Minh led their people in their heroic struggle against colonialism.

Over the years, Vietnam has emerged as a significant player in India’s foreign policy prescriptions, a partner in regional and sub-regional forums and in various multilateral and global bodies.

Bilateral ties have been strengthened over recent years, with a focus on regional security issues and trade. A convergence of strategic interests has contributed to the deepening of ties between the two nations, to an extent that Vietnam now engages India at the level of a comprehensive strategic partner, which is a clear indication of the importance both nations put on this critical partnership.