Vietnam-India Sign MoU to Strengthen Micro, Small & Medium-sized Enterprises

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Jan. 15 – Vietnamese Vice Minister of Planning and Investment Dao Quang Thu and Indian Ambassador Ranjit Rae signed a Memorandum of Understanding (MoU) on Tuesday, January 15. The MoU is aimed at building a capacity for the development of an institutional framework for micro, small and medium-sized enterprises (MSMEs) in Vietnam. The MoU was signed in Hanoi during Indian Vice President Hamid Ansari’s four-day visit to Vietnam in an effort to further strengthen India-Vietnam economic ties.

The MoU aims to develop MSMEs through beneficial exchanges between experts, industrial surveys and feasibility studies to identify thrust areas and opportunities, as well as through the promotion of partnership projects and institutional cooperation between Vietnam and India. It also calls for the organization of exhibitions and trade fairs through which MSMEs can market their various products, exchange business missions to initiate technology transfers and build business alliances, and the provision of training to improve managerial and technical skills.

A joint committee comprised of representatives from Vietnam’s Ministry of Planning and Investment and India’s Ministry of Micro, Small and Medium Enterprises will supervise the implementation of the MoU.

India and Vietnam have set a trade and investment target of US$7 billion by 2015.

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