India encourages large firms to invest in Vietnam

By Viet Tuan   September 7, 2023 | 04:30 am PT
India encourages large firms to invest in Vietnam
Vietnam Prime Minister Pham Minh Chinh (L) and his Indian counterpart Narendra Modi shake hands at the the 43rd ASEAN Summit in Jakarta, Indonesia on September 7, 2023. Photo by Nhat Bac
India Prime Minister Narendra Modi has encouraged large companies to invest in Vietnam with focus on digital transformation and energy.

Modi acknowledged the proposal of the Vietnam counterpart Pham Minh Chinh on signing memorandums on e-commerce and bilateral trade and limiting the use of trade barriers on products of both countries, he told Chinh in a meeting on the sideline of the 43rd ASEAN Summit in Jakarta, Indonesia.

The two leaders agreed to strengthen cooperation in digital transformation, energy transformation, green and sustainable economic development. They also agreed to reinforce partnership in national security and defense.

Vietnam and India aviation authorities will study the possibility of increasing direct flight frequency between major cities.

In May, India's Tata Power was approved to study the possibility of developing the Long Phu 2 Thermal Power Project with a capacity of 1,200 megawatts in the southern province of Soc Trang.

This is set to be the biggest investment of an Indian company in Vietnam.

Also Thursday Chinh met with Philippines President Ferdinand Romualdez Marcos Jr.

The two leaders agreed to increase partnership on sectors with potentials such as agriculture, seafood and gas and oil.

Further development potentials include digital economy, circular economy, green economy and innovation.

Chinh and Marcos agreed to increase workers' training and to discuss a government partnership on rice to ensure food security.

Marcos affirmed that his country will ensure humane treatment to Vietnamese fishermen who were arrested for alleged illegal fishing and to provide support to help Vietnam lift the European Commission's yellow card on illegal, unreported, and unregulated fishing.

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