Seeks Business Relations With Bengaluru
Bengaluru, 19th August 2021: The Ambassador of The Socialist Republic for Vietnam to India H.E. Mr. Pham Sanh Chau, today announced the opening of the 1st ever consul office in India in Bengaluru, Karnataka.
The Ambassador had last month announced the appointment of Mr N S Srinavasa Murthy as the Honorary Consul for Vietnam for Bengaluru. Mr Murthy is also the first ever Honorary Consul, for any state in India and only 19th the world over.
H.E. Mr. Pham Sanh Chau said “Currently India is 26th investment partner of Vietnam and we look at improving this further. With approx. USD 2 billion and there are many attractive sectors of investments in Vietnam including Pharmaceuticals, manufacturing of Automobile parts and information technology sector and Bengaluru as a city has all the potential to invest as well as collaborate with Vietnam to grow this further” during the hybrid event “Invest Viet Nam: High-Tech Investment and Start-ups” on 18 August 2021.
Factors like stable government, strong qualified young population, competitive tax benefits, robust infrastructures are the making Vietnam a perfect destination for investors in India.
Mr Murthy, Vietnamese consul to Bengaluru said “Vietnam is India’s fourth largest trading partner in Association of South-East Asian Nations (ASEAN). Its growing manufacturing base and strong domestic demand drove economic growth at 2.9 per cent in 2020, despite the turmoil in the global economy due to Covid 19.”
Mr Murthy’s role is to provide consular protection of the State’s interests and lawful rights and interests of Vietnamese citizens in Bengaluru. He will also be promoting Vietnamese investments, Trade and Tourism within Bengaluru.
In the last two days the Ambassador has had fruitful meetings with the Karnataka Chief Minister Sri Basavaraj Bommai and Dr Ramana Reddy, Additional Chief Secretary, Dept IT, BT, S&T, where he has pledged to support the Bengaluru Tech Summit. He also visited Biocon, India’s largest biopharmaceutical company and TVS Motor Company.
Ambassador Chau also spoke about Vietnam open market policy with14 plus FTAs (free trade agreements) which Vietnam has signed as it will surely provide bigger markets to investors especially those are willing to step a manufacturing unit for exports.
“With many corporations looking to diversify their manufacturing footprint, Vietnam is beginning to look more and more as an attractive investment commitment in Southeast Asia”, said Mr. Murthy.
With over 5 decades of experience, and a resident of Bengaluru, industrialist N S Srinavasa Murthy is the CEO of reputed Incense Stick Manufacturers, N K Subbiah Shetty & Sons. He is a Partner with Theatre Menaka Film Exhibitors, Director, The Mysore Vegetable Oil Products Ltd & Director Chandrakiran Securities, Pvt Ltd., Dealers in Stocks and Shares.
“Vietnam has an ecosystem for the start-ups as well and investors can also look to invest into these young companies with strong vision. “The Embassy has the business-centric approach toward economic diplomacy and is always keen to provide all kind of supports to the investor community” added the Ambassador.
Vietnam is interested in taking its relations with India to a higher level. The appointment of an honorary consul is not easy and is a very tedious process. It is validated through various departments in Vietnam. Honorary Consul’s are appointed by our Minister of Foreign Affairs for a period of 3 (three) years.
“Vietnam is one of the fastest growing economies in the world and it is the country to watch for” concluded Mr Murthy.