India and Vietnam have decided to set up a joint committee aimed at promoting cooperation in the
fields of trade, investment and agricultural production.
The decision to establish the committee was taken at a meeting between Union Minister for Food Processing Subodh Kant Sahai and Vietnam's Minister for Agriculture and Rural Development Cao Duc Phat here last night, the state-run
Vietnam News Agency (VNA) reported today.
During the meeting, Sahai expressed willingness to increase cooperation with Vietnam in food processing and cattle feed, saying India is capable of providing a huge resource of materials.
He also called on Vietnamese enterprises to invest in food processing technology in India.
Besides, Sahai pledged favourable policies for Vietnamese investors and said India can help Vietnam by imparting training to its professionals in information technology and foreign languages.
The Vietnamese Minister also agreed to encourage enterprises of both sides to explore each other's markets, set up joint ventures in manufacturing and food processing industries, organise forums and trade fairs for agricultural
produce and seafood in each other's markets, the report said.
Two-way trade between Vietnam and India is steadily on the rise in recent years, of which agricultural trade makes up a significant portion.
India mainly exports to Vietnam cattle feed, mobile phones, pharmaceutical products and materials, steel and iron, textile and apparel materials and pesticides. It imports from
Vietnam coal, pepper, electronic spare parts, rubber, cinnamon, machinery and equipment and footwear.
The two countries have signed agreements on trade cooperation, double-taxation avoidance, investment protection, consular affairs, culture, aviation and tourism, together with various other deals on mining and geology, environment and
traditional medicine.
Around 70 Indian companies in pharmaceuticals, machinery and equipment, chemicals, and agricultural materials have opened representative offices in Vietnam.
By late 2009, India had 38 valid investment projects in Vietnam with a total registered capital of more than USD 201 million, ranking 29 out of 89 countries and territories investing in Vietnam.