New Delhi: Economic ties between India and Vietnam are on track and may cross $7 billion by 2015, External Affairs Minister Salman Khurshid said on Thursday.
Speaking to the media after the 15th meeting of the India-Vietnam Joint Commission, the Minister said investments by Indian companies total about $936 million in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Khurshid said Vietnam had recently chosen Tata Power as the developer for a $1.8-billion 2X660 MW Long Phu 2 Thermal Power Project in Soc Trang province in southern Vietnam, despite strong competition from Korean and Russian companies.
“It will be the single largest Indian investment in Vietnam when it comes through and will enhance our economic co-operation and strategic partnership. The MoU between the two central banks – Reserve Bank of India and the State Bank of Vietnam – signed in 2012, will enable Bank of India and Indian Overseas Bank to upgrade their representative offices that they opened in Ho Chi Minh City in February 2003 and March 2008, respectively, into full-fledged branches in the near future,” Khurshid said.
India has extended 17 letters of credit (LoCs) totalling $164.5 million, including a $19.5-million LoC for setting up Nam Trai-IV hydropower project and Binh Bo Pumping station, which was signed on Thursday.
India has also agreed to consider earmarking $100 million under buyer’s credit under the National Export Insurance Account for use by Vietnam.
No comments:
Post a Comment