Vietnam Unveils Strategic Investment Opportunities in Nghe An Province, Sets Stage for Closer Economic Ties with India

In yet another reassuring development following Vietnam’s recent visa waiver for Indian travellers and improved air connectivity, Vietnamese Ambassador to India, Nguyen Thanh Hai, on Thursday, championed a call for heightened investments in the burgeoning sectors of tourism and hospitality in Nghe An Province.

Taking centre stage at a forum organized by the Indian Chamber of Commerce, Nghe An Province, home to breath-taking beach and forest landscapes, showcased its investment-friendly environment, delineating key focus areas such as pharmaceuticals, semiconductors, automobiles, and innovation. The province aims to deepen economic ties with Indian investors, marking a significant milestone in the relationship between the two nations.

Ambassador Nguyen Thanh Hai commended Nghe An Province for strategically choosing India as its investment destination immediately after high-level visits between the two countries. “We affirm the commitment of the Vietnamese Embassy to collaborate closely and offer continued support to the province in attracting more Indian investors.” Hai said.

C Raj Shekhar, Officer on Special Duty (OSD), States, Ministry of External Affairs, expressed India’s eagerness to strengthen ties with Vietnamese partners, particularly in sectors of strategic importance. “The synergy between India and Vietnam, with your efficient project implementation and India’s expertise in fundamental sciences, space science, information technology, and agriculture, opens the door to significant collaborative opportunities.” Raj Shekhar said.

Secretary of the Nghe An Provincial Party Committee, Thai Thanh Quy, highlighted Nghe An’s preparedness, citing optimal conditions in planning, infrastructure, land availability, human resources, and administrative support to facilitate a seamless entry for investors.

Subhash Goyal, chairman of the National Tourism Committee on Tourism, Aviation and Hospitality, Indian Chamber of Commerce (AACC), emphasized the forum’s significance as a platform to strengthen cooperation between Indian partners and Vietnam, with a specific focus on Nghe An Province.

“Indians are among the leading investors in the UK today due to two key factors. Firstly, when investing in Vietnam, there is a four-year tax exemption, followed by a 50% rebate for the next nine years if no profit is generated. Additionally, the overall taxation in Vietnam remains at 10% for a decade. The country boasts highly skilled manpower, supportive universities for research, and industrial corridors with available land banks for investment,” said Goyal.

Nghe An Province is actively seeking investments in its Dong Nam (Southeast) Economic Zone, encompassing five industrial parks spanning 2,000 hectares. This initiative aligns with the province’s commitment to creating a conducive environment for businesses to thrive.

Two thirds of its area is forested. Nature has endowed Nghe An with beautiful landscapes for tourism development. Among them include its long seaside with pristine beaches, especially Cua Lo which is considered one of the best in Vietnam, and Pu Mat National Park, which is home to diverse flora and fauna, apart from breath-taking landscapes.

Going by the tourism statistics and growth for Vietnam in the first 10 months of 2023, it reveals a noteworthy surge, with approximately 10 million international visitors – a substantial 4.6-fold increase compared to the same period in 2022. Before the onset of the COVID-19 pandemic, Vietnam had hosted around 170,000 Indian visitors, indicating the potential for further growth in this market.