India’s relations with Vietnam are marked by growing economic and commercial engagement, especially in recent years. Trade between India – Vietnam is growing rapidly. In 2013, the Bilateral trade between India and Vietnam has witnessed strong growth, showing an increase of 32.8 percent in the last year alone.
Both leaders have set a revised target of US$15 billion bilateral trade by 2020. Considering Vietnam emerging as a strong partner of South East Asia, there is an immense potential for Indian companies to export their products and services to Vietnam or vice-versa. Major Exports from Vietnam are Crude Oil, Coal, Agriculture products viz. Rice, Coffee, Black Tea, Rubber, Black Pepper, Green Beans, etc., Textiles & Garments, Seafood, Footwear, Handicrafts, Mineral Ores and Natural Gem Stones. There is a good scope for exporting above commodities either to India or to other countries.
Indian Business Chamber in Vietnam (INCHAM) is a Non-Profit organization, licensed and established in January 1999 with the objective to strengthen ties of Indian Businesses with the Vietnamese authorities for promoting ‘Economic and Business’ relations between Vietnam and India and also to be the focal point of the Indian Community in Vietnam. In its existence, the Chamber has moved decisively on each of these fronts. Incham was established in Ho Chi Minh City (formerly known as Saigon) which is the commercial capital of Vietnam.
Incham established its Chapter in the capital city of Hanoi in October 1999 to further widen and strengthen its presence in Vietnam. The chamber primarily endeavors to play an active role in promoting the two-way trade between the two countries. It aims to create a forum that allows members to assist and complement each other to establishing a smooth framework for the development of Indian business in Vietnam. Incham offers a legal platform to its members to promote their business interest and represent them to local authorities in time of need on a case to case basis
Currently, Incham has over 130 members in various fields like Information Technology, Pharmaceuticals, Trading, Service, Oil & Natural Gas, Heavy Industrial Equipment, Chemicals, Banking, Real Estate, Logistic etc. These companies have been successful for introducing several Indian products in Vietnam and for expanding exports of these products. INCHAM is affiliated to the Viet Nam Chamber of Commerce and Industry (VCCI) and have active relationships with many other foreign chambers operating in Viet Nam. INCHAM has established close relationships with the Chambers of Commerce and Industries in India and other countries. We have signed Memorandum of Understanding with various Chambers on co-operation in expanding trade and investment between Indian and Vietnam. In the short time that the chamber has been up and running, it has put together a string of success. Meetings were arranged for the members with the senior officials from the Service of trade, Service of Planning & Investment, Customs department, Immigration department, Economic Court and the Service of Labor, for members to understand the policies and guidelines of the mentioned departments.
India-Vietnam relations have been exceptionally friendly and cordial since their foundations were laid by Prime Minister Nehru and President Ho Chi Minh more than 50 years ago. The traditionally close and cordial relations have their historical roots in their common struggle for liberation from foreign rule and the national struggle for independence.
In recent times, political contacts have strengthened as reflected in several high-level visits by leaders from both sides. Trade and economic linkages continue to grow. India’s thrust under the “Look East” policy combined with Vietnam’s growing engagement within the region and with India has paid rich dividends. Vietnam is an important partner in South East Asia.
India and Vietnam closely cooperate in various regional forums such as ASEAN, East Asia Summit, Mekong Ganga Cooperation, Asia Europe Meeting (ASEM) besides the UN and WTO. The two countries have good understanding as a result of which mutual trade and investment are moving in a positive direction. Vietnam recognizes India’s achievement in many fields. Vietnam is, therefore, seeking help especially in Science & Technology, Engineering, Information Technology from India.
India is responding positively by helping Vietnam in setting up of Information Technology Park, training software personnel to name a few. This has provided a very favorable environment for the creation of an institution to vigorously promote the common interests of Indian business and industry in Vietnam and vice versa.
Incham also understands its social responsibility and had carried out several charity programs in Vietnam. Some of the program includes funds to upgrade the Health Centers in Binh Phuoc Province, providing scholarships to the Students, building Vietnam-India Friendship Bridge in Can Gio, cash donation to help victims of agent orange and AIDS prevention, blood donation camp in coordination with RED CROSS. Chamber has carried out a lot of charity events such as donating 17 houses to the People of Can Gio district, Construction of India – Vietnam friendship bridge in Can Gio district, Donated clothes, Medicine, Money towards the natural disasters time to time in South of Vietnam. INCHAM also organized and collected support to Prime Minister Fund and other Indian NGO for Kargil war and natural calamities in India like earthquake, Tsunami etc. Incham recently initiated a Charity Drive donating in cash and kind to Tan Dinh Mental Treatment and Convalescence Center, a charitable organisation for the mentally challenged people.