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2013-01-16

India, Vietnam sign MoU focusing development of MSMEs

India and Vietnam on Tuesday signed a memorandum of understanding (MoU) focusing on building capacity for developing institutional framework and identifying thrust areas and opportunities for micro, small and medium enterprises (SME) in this country.

India, Vietnam sign MoU focusing development of MSMEs

India and Vietnam on Tuesday signed a memorandum of understanding (MoU) focusing on building capacity for developing institutional framework and identifying thrust areas and opportunities for micro, small and medium enterprises (SME) in this country.

The MoU was signed between the Ministry of Planning and Investments of Vietnam and Ministry of Micro, Small and Medium Enterprises (MSMEs) of India during the ongoing 4-day state visit of Vice President Hamid Ansari to Vietnam.

The pact was inked by Dao Quang Thu, Vice Minister of Planning and Investment of Vietnam, and Indian Ambassador Ranjit Rae.

The MoU also envisages promotion of partnership projects and institutional cooperation between the two countries, organising exhibitions and trade fairs for marketing the products of MSMEs, exchange of business missions to initiate transfer of technology and business alliance, and providing training for improvement of managerial and technical skills for MSMEs.

The MoU is part of India's efforts to further strengthen economic ties with Vietnam. The two countries have set a trade and investment target of USD seven billion by 2015. However, Ansari on Monday expressed concern that the bilateral trade was not up to the expectations. He pointed out that some problems in this regard had been identified and were being addressed.

A Joint Committee comprising representatives from the Ministry of Planning and Investment (Vietnam) and Ministry of Micro, Small and Medium Enterprises (India) would monitor the implementation of the MoU.

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