Vo Van Hoan, Vice Chairman of Ho Chi Minh Metropolis Folks’s Committee, emphasised that Vietnam and India have a lot room for commerce and funding cooperation, particularly within the fields of data expertise and digital financial system.
“Town identifies info expertise as not solely a key financial sector but in addition a basis for enhancing the standard of individuals’s lives, enhancing administrative administration effectivity and inspiring sustainable growth,” Hoan stated on the India – Vietnam Seminar on Potential Collaboration, co-hosted by Ho Chi Minh Metropolis Folks’s Committee and the Indian Chamber of Commerce (ICC) in Ho Chi Minh Metropolis on February 27. “Town is specializing in investing in digital infrastructure, encouraging digital transformation in all fields from schooling, healthcare, transportation to public providers, aiming to construct e-government, digital financial system, digital society and good cities.”
Ho Chi Minh Metropolis has achieved spectacular achievements in digital financial system with the speed of digital expertise enterprises reaching 12.88 per cent, equal to greater than 33,000 enterprises, the speed of digital platform companies reached 11.63 per cent, equal to greater than 30,000 companies.
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| Representatives of the Indian Chamber of Commerce (ICC) and Ho Chi Minh Metropolis Pc Affiliation (HCA) signed an MOU on the seminar |
Cao Thi Phi Van, deputy director of the Funding and Commerce Promotion Centre, stated that that Ho Chi Minh Metropolis was making an attempt to understand the objective of accelerating the proportion of the digital financial system to 25 per cent of regional GDP by the tip of 2025, by means of insurance policies to help small and medium-sized enterprises in digital transformation, encouraging e-commerce and create beneficial circumstances for innovation.
“The potential for funding in industrial and excessive expertise parks, particularly in info and digital expertise, in Ho Chi Minh Metropolis is large. Town additionally has particular preferential insurance policies for IT companies, particularly in R&D,” Van stated.
The younger, dynamic, artistic and plentiful workforce of about 1 million info expertise engineers is a particular aggressive benefit of Ho Chi Minh Metropolis.
“Extra particularly, when investing in Ho Chi Minh Metropolis specifically and Vietnam generally, companies not solely have an area consumption market of over 100 million folks but in addition join straight with greater than 60 international locations and territories by means of 17 bilateral and multilateral free commerce agreements,” Van added.
Dr. Rajeev Singh, director normal of the ICC, emphasised that the Indian IT business was on a fast progress trajectory, anticipated to achieve a income of $350 billion by the tip of 2025.
Cooperation between India and the ASEAN area has made robust strides in lots of financial fields, together with commerce and funding, connectivity, vitality, tradition, people-to-people exchanges and maritime safety.
In accordance with Singh, the robust bilateral relationship between India and Vietnam has a lot potential to encourage extra commerce and funding cooperation.
“As complete strategic companions, commerce relations between Vietnam and India proceed to flourish, with bilateral commerce turnover reaching round $15 billion in 2024, regardless of fluctuations on the earth financial system, geopolitical conflicts and disruptions within the international provide chain. As recorded, India’s investments in Vietnam are additionally estimated $2 billion, together with investments routed by means of third international locations,” Singh stated.
The ICT market in Vietnam, in accordance with Singh, is exhibiting important potential, pushed by a mix of presidency initiatives, a younger and tech-savvy inhabitants, and growing digital adoption throughout varied sectors.
“Initiatives just like the Nationwide Digital Transformation Programme and lively investments in digital infrastructure, together with 5G, are pushing for widespread digital integration and Vietnam’s ambition to grow to be the IT hub of Southeast Asia,” he added.
At current, a number of key developments are noticed such because the enlargement of software program growth and IT providers, progress of e-commerce and digital cost platforms, and elevated adoption of cloud computing and AI, offering alternatives for Indian ICT companies to speculate and do enterprise in Vietnam.
“The success tales of HCL Expertise, Dikshatek, Jetking, and others are very encouraging. With Vietnam’s dedication to good city growth, digital transformation and environmental sustainability, the 2 international locations have the chance to encourage strategic partnerships and intensive cooperation. That is additionally a possibility for Indian companies to cooperate with Vietnamese companions to develop their presence in Vietnam in addition to search new funding alternatives,” he stated.
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