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Indian firms invest $500 M in Vietnam
By agencies
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Monday, 18 April 2005, 19:30 IST
MUMBAI:The Vietnam government today said that Indian companies had invested in that country to the tune of $500 million in 2004-05.
At present Indian companies have set up 10 projects in Vietnam worth $500 million. We are expecting a further rise in the investments once the common investment law for domestic and foreign investors is approved, Vice-Minister for Planning and Investment Tran Dinh Khien said here. However, the minister did not elaborate the names of Indian companies investing in Vietnam.
The president of Indian Importers Association, Atul Kumar said Indian companies like Nagarjuna, ONGC, Godrej and KCP have made investments in Vietnam. KCP is putting up a six MW power plant in Son Hoa district with an investment of $3.5 million.
On improving transport facilities between the two countries, the minister said, A direct flight between the two countries has been planned by the end of this year or early next year, which will also increase the trade between the two.
"We are also looking at establishing a direct rail link between the two countries via Myanmar", Khien added.
Fifteen leading pharma and healthcare equipment companies from Pharmexcil and nine leading companies from EEPC had earlier visited Vietnam in order to explore business opportunities including setting up of joint ventures with Vietnamese partners.