The Indian economy is a mammoth with 1.4 billion people and the sixth-largest economy in the world, poised to surpass Japan to become the third-largest economy by 2030. India is home to 100 unicorns making it the third-best country in the world for the startups and also home of 166 billionaires with a total net worth of $750 billion.

India has proven its mettle in various fields like IT, pharmaceuticals, space, and other areas. The nation also has the world's largest youth. These several points that make India a lucrative market for Vietnamese Investors to take the benefits of the rising economic power of Asia.

Dr. Madan Mohan Sethi (right) from the Consulate General of India in Ho Chi Minh City Vietnam

How do you place Indian-Vietnamese investment and trade in 2022 as both the countries are celebrating 50 years of diplomatic relations?

India and Vietnam have been very good partners and the future looks very promising. Since India has an enormous economy with a huge middle-class population with strong purchasing power, for Vietnamese investors, the scope is limitless.

Vietnam is in huge need of high-tech technologies and also human resources, so by investing in the Indian market, Vietnamese investors take the benefits back to Vietnam for the country's long-term success. Potential areas of investment could be agriculture, food processing, organic chemicals, construction and infrastructure, renewal energy, and hospitality.

How can India attract large Vietnamese groups like Vingroup, Vietnam Rubber, and FPT to invest in the Indian market?

We observed that there is a lack of awareness about the Indian market and its potential for big Vietnamese corporations. In fact, my office is in the process of engaging the big corporations of Vietnam and working to plan a visit of 10-15 top Vietnamese corporations to India.

The startup culture in Vietnam is thriving and startups are getting good attention from global investors. What can Vietnamese startups learn from Indian ones?

India's startup ecosystem is on a rapid growth spree and COVID-19 only accelerated this. The Indian startup industry is pretty organised and has specific policies to help the industry.

There are many funding schemes available for young startups along with mentoring services from big private corporates and educational institutes.

Vietnam has more than 25,000 startups and can learn a lot from the Indian startup ecosystem. Startups from both countries can work on joint research or development on some mutual ideas to benefit. In fact, the government of India has allowed top universities, R&D centres, and private companies with engineering backgrounds to have their own startup systems.

Is there any possibility of creating a joint channel or forum for young entrepreneurs from both countries?

It is really a good idea to create a common platform where we can connect Vietnamese universities with world-renowned Indian educational institutions like IITs, IIMS, and others. This common forum can also play the role of a mentor to guide and support aspiring young entrepreneurs of both countries on how to tackle the challenges of the startup journey.

Is there any specific focus to attract Vietnamese students to go to Indian universities?

It is definitely a good area and I am surprised to see that there is no cooperation between the two nations in the field. India's growth is due to its robust education system and Indians are committed to developing human resources of various countries.

My office is planning to organise an educational event in August where we will invite 25 Vietnamese and Indian universities to explore partnership opportunities in the higher education domain.

Vietnam is growing very fast, and to keep the growth momentum the country needs to have efficient and robust human resources.

What kind of potential does India offer to Vietnamese small- and medium-sized enterprises (SME)?

India has a large number of SMEs and they contribute a lot to Indian exports. India has a very dynamic ecosystem for its SMEs where they get market entry support, policy support, training, and funding support.

There are many SME associations at the government and private levels, focussing on developing the sector. India is definitely willing to welcome Vietnamese SMEs which can lead to an exchange of ideas, information, knowledge, and also training on how to enter the Indian market.

We are in touch with a few SME associations in Ho Chi Minh City and are open to hearing their suggestions or ideas on entering the Indian market.