"At present Indian companies have set up ten projects in Vietnam worth $500 million. We are expecting a further rise in the investments once the common investment law for domestic and foreign investors is approved", planning and investment deputy minister, Tran Dinh Khien said in Mumbai.
However, the minister did not elaborate names of Indian companies investing in Vietnam. The President of Indian Importers' Association, Atul Kumar said Indian corporates like Nagajuna, ONGC, Godrej and KCP have made investments in Vietnam.
KCP is putting up a 6 megawatt power plant in Sonhoa district with investment of $3.5 million.
On improving transport facilities between the two countries, the minister said, "A direct flight between the two countries has been planned by the end of this year or early next year, which would also increase the trade between the two".
"We are also looking at establishing a direct rail link between the two countries via Myanmar", Khien added.
Fifteen leading pharma and healthcare equipment companies from Pharmexcil and nine leading companies from EEPC had earlier visited Vietnam in order to explore business opportunities including setting up of joint ventures with Vietnamese partners.
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