Chinh emphasised the longstanding friendship between Vietnam and India, dating back 2,000 years. He highlighted upgrading bilateral relations to a comprehensive strategic partnership, which he said has “opened up a new space for cooperation across the board.”
The Prime Minister emphasised Vietnam’s foreign policy of independence, self-reliance, and multilateralism, stating that the country aims to be “a good friend and reliable partner of all countries around the world, and a responsible member of the international community.”
Chinh invited Indian businesses to invest more in Vietnam, particularly in semiconductors, science and technology, innovation, digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology sectors. He noted that Vietnam currently sources 33% of its pharmaceuticals from India and expressed interest in establishing “a proper pharmaceutical ecosystem in Vietnam to help protect the health and life of our people.”
The Prime Minister also called for Indian businesses to facilitate Vietnamese companies’ integration into their supply chains and urged Indian businesses to consider Vietnam to be a strategic destination. Chinh revealed that he had met with several Indian companies that have pledged to invest in Vietnam. He welcomed these commitments and expressed hope for continued investment and cooperation.Speaking on this occasion, Jitin Prasada, Minister of State for Commerce & Industry; Electronics and Information Technology, called for stronger economic cooperation between India and Vietnam, emphasising the complementary nature of their growth strategies and the potential for mutual benefit.
Prasada highlighted the economic synergies between India and Vietnam, noting that both countries are growing at nearly double the average global economic growth rate. “Both our countries are focused on improving our manufacturing prowess and playing a greater role in the global value chains and world economy,” he said.
The minister called for increased attention to opportunities in each other’s markets, pointing out that while larger global markets are important, the potential for bilateral trade should not be overlooked. He mentioned India’s recent participation as the guest of honour at the 33rd Vietnam International Trade Fair in Hanoi, indicating growing economic ties between the two nations.