The Indian Chamber of Commerce in Vietnam (Incham) will host a series of business and cultural events in Vietnam to strengthen the bonds between the two old friends.
Incham Vice Chairman Mohan Ramesh Anand told a meeting on Thursday that the chamber planned to continue its efforts to promote economic and cultural relations with Vietnam.
Established in Ho Chi Minh City in 1999 for the purpose of promoting bilateral trade between the two countries, the chamber has over the years become the focal point of the Indian Community in Vietnam, Anand said.
In 2005, bilateral trade was only US$697 million. But the figure had risen to $2.6 billion by the end of 2010 and is expected to reach $4 billion in 2011, according to the vice president.
Vietnam offers trade opportunities for Indian companies in a multitude of sectors, according to the chamber. Agriculture, food products, engineering, plastics, textiles, pharmaceuticals, furniture and handicrafts, fashion, electronics and telecommunication, machinery and equipment, construction and service industries are the chambers focal points.
As of April this year, India had 52 investment projects in Vietnam worth a total of around $220.6 million, making it the 23rd position largest foreign investor in Vietnam, according to Incham.
Indian investment in Vietnam is focused in sectors like manufacturing, mining, oil and gas, garment and textile and animal feed.
In addition to business, cultural and sports events, Incham has planned several charity activities in Vietnam, including a blood donation campaign.