Vietnam keen on FTA with India

Mumbai: The Vietnamese government is open to the idea of signing a free trade agreement (FTA) with India, Vietnam''s prime minister Nguyen Tan Dung said.

"We are ready to sign an FTA with India," Dung said while delivering the keynote address at India-Vietnam Business Forum meet in New Delhi.

Dung invited Indian industrialists to invest in Vietnam and said his country would prove to be a safe and efficient destination for Indian investors.

Major Indian conglomerates such as Essar and the Tata Group have already invested in Vietnam, he pointed out.

Though India has now become one of the top ten countries in terms of investment in Vietnam, there was still a lot of scope for economic relations to be further strengthened, he said.

Two-way trade between India and Vietnam has increased by 20-30 per cent a year since 2001 and in recent months,

"Despite these successes, cooperation has not been commensurate with the advantages and potential of the business communities of the two countries. We can do more in trade and investment for mutual benefit," Dung said.

Meanwhile, in Mumbai, the Confederation of Indian Industry (CII) and Vietnam Chamber of Commerce and Industry (VCCI) signed a memorandum of understanding (MoU) for strengthening trade and investment between both the countries.

The MoU was signed by VCCI chairman and president Vu Tien Loc and Syamal Gupta, member of CII National Council and chairman, Tata International Ltd.

According to the MoU, both the countries shall co-operate to further improve and expand trade, investment, technology cooperation and will pursue establishment of the Vietnam-India business forum as a permanent vehicle for promotion of bilateral cooperation.