PM Pham Minh Chinh meets Indian business leaders for further Vietnam-India economic cooperation: Prime Minister Pham Minh Chinh and Rajesh Kumar Singh, Chairman of the National Industrial Corridor Development Corporation (NICDC) Limited. (Photo: Nguyen Hong)

The Prime Minister met with Rajesh Kumar Singh, Chairman of the National Industrial Corridor Development Corporation (NICDC) Limited – a unit of the Indian Ministry of Commerce and Industry’s Department for Promotion of Industry and Internal Trade.

Prime Minister Chinh commended NICDC's operational model, scale, vision, and significant role in India's socio-economic development, modernisation, and industrialisation, particularly in developing strategic infrastructure and creating new growth spaces.

Considering it a good model for Vietnam to follow, the government leader requested Vietnamese ministries, agencies, and localities closely collaborate with the Indian ministry and NICDC, while suggesting the establishment of a working group to facilitate bilateral cooperation, research, and experience exchange in the near future.

The same day, the Prime Minister received Arun Kumar Singh, Chairman and CEO of the Oil and Natural Gas Corporation Limited (ONGC), the largest of its kind in India.

Prime Minister Pham Minh Chinh receives Arun Kumar Singh, Chairman and CEO of the Oil and Natural Gas Corporation Limited (ONGC), in New Delhi on July 31, 2024. (Photo: Nguyen Hong)

Singh told the Vietnamese leader his wish to expand investment cooperation in Vietnam, where the corporation’s subsidiary ONGC Videsh Ltd is currently involved in a joint venture for two oil and gas blocks.

Considering oil and gas cooperation a pillar of bilateral relations, Prime Minister Chinh encouraged ONGC to further invest in the field and the renewable energy sector in Vietnam. He requested ONGC's assistance in evaluating oil and gas reserves within areas under Vietnam's sovereignty, and urged the company to explore more investments, partnerships, and joint ventures with capable Vietnamese partners serving energy development as well as related technology transfer and human resources training.

The Prime Minister affirmed that the Vietnamese Government is willing to provide a favourable legal environment for investment and business activities of both domestic and international enterprises, including Indian companies like ONGC Videsh. He assured continued facilitation for the group's sustainable and successful operations in the country.

On July 31, Prime Minister Chinh hosted Director Shikhar Malhotra of HCLTech. (Photo: Nguyen Hong)

Also on July 31, Prime Minister Chinh hosted Director Shikhar Malhotra and senior members of HCLTech, which boasts offices in over 60 countries and offers a wide range of IT infrastructure management, digital transformation, cloud services, cybersecurity, engineering, and R&D solutions.

Malhotra reported that HCLTech has established representative offices in Hanoi and Ho Chi Minh City, achieving revenues of 16.5 million USD in Vietnam for the fiscal year 2024 and creating over 1,000 jobs through partnerships with 19 Vietnamese universities. The company is interested in engaging in sectors such as smart cities, digital transformation, and aviation in the Southeast Asian nation.

Praising HCLTech's operational model, scale, vision and role; and welcoming its plans for cooperation and technology transfer with Vietnam, the PM encouraged the company to continue collaborating with the nation regarding digital infrastructure investment, smart management experience sharing, and high-quality human resources training. He emphasised the importance of such cooperation in the areas of digital transformation, knowledge economy, digital economy, innovation, semiconductors, artificial intelligence, cloud computing, and cybersecurity.

The leader also suggested that HCLTech consider outsourcing technology products to capable Vietnamese companies, thus helping them integrate into the global supply chain under a win-win principle.