Maharashtra under Chief Minister Devendra Fadnavis has assumed a key role in elevating the economic ties between India and Vietnam to a new level. The recent visit of Vietnam President To Lam to Mumbai witnessed the signing of some major MoUs across diverse sectors and at the government level, a testament to the renewed confidence in Maharashtra by this fast growing economy and the enhanced strategic partnership between the two nations. Whether it is the largest ‘Make in Maharashtra’ investment ever made by a Southeast Asian country or the proposal for direct air connectivity between Mumbai and Ho-Chi-Minh city, this partnership holds the potential to be a game-changer for the Asian economy in the times to come.
Speaking at the ‘India-Vietnam Business Forum’ held on the occasion of Vietnamese President To Lam’s visit to Mumbai, Chief Minister Devendra Fadnavis emphasized Vietnam as a significant economic partner and pledged full cooperation and support to their investments in the state. He also expressed a firm resolve to position the state as a partner in Vietnam’s progress through trade, technology, infrastructure, and cultural exchange. Signed in the presence of both leaders, these agreements go beyond just investments; rather they provide a structured framework for both Mumbai and Ho-Chi-Minh city to exchange expertise in urban management, smart city governance, and economic development. In particular, the proposed US$ 6.5 billion investment in Maharashtra by the Vietnamese conglomerate ‘Vingroup’ is being hailed as the largest agreement of its kind in Southeast Asia by a Vietnamese company as of this date and the towering “Make in Maharashtra” initiatives expected to develop integrated smart urban townships, electric mobility networks, renewable energy projects, and tourism.
During the meeting between Devendra Fadnavis and To Lam, the Chief Minister highlighted investment opportunities in Maharashtra, particularly in pharmaceuticals, energy, information technology, and tourism sectors. Referring to the World class pharmaceutical manufacturing units in Mumbai and Pune, he emphasized that Maharashtra has the capacity and capability to meet Vietnam’s healthcare needs. He also stressed on strengthening bilateral ties between Maharashtra and Vietnam, and in this regard, proposed an annual ‘Maharashtra-Vietnam Business Forum’ meet to be hosted alternately in Mumbai and Ho Chi Minh City. He appealed to Vietnamese entrepreneurs to leverage the industrial potential not only of Mumbai but also of cities such as Navi Mumbai, Chhatrapati Sambhajinagar, Pune, Nagpur, and Gadchiroli within the framework of this business partnership.
India-Vietnam Bilateral Cooperation and Memoranda of Understanding
To further strengthen relations between India and Vietnam and to boost trade and industry, the Vietnam Chamber of Commerce and Industry (VCCI) has signed agreements with the Confederation of Indian Industry (CII), ASSOCHAM, and the Indian Business Forum (IBF). Through these initiatives, emphasis will be placed on enhancing information exchange, trade and investment promotions, supply-chain connectivity and sectoral collaborations between the two nations. Both countries are also making significant investments in the aviation and tourism sectors. Vietjet Aviation recently signed strategic cooperation agreements with India’s GMR Airports Limited and the Bird Group to collaboratively develop air connectivity, airport infrastructure, logistics networks, and smart airport systems. Vietnam Airlines has partnered with JPMorgan Chase for financial management, while joining hands with Saigontourist and Innovations India for cultural and tourism projects. Notably, the ‘Namaste Vietnam’ initiatives by Innovation India are already present to boost bilateral ties, trade, cultural exchange, and tourism between the two countries. Additionally, Vinpearl has decided to establish its presence in the Indian market by signing agreements with organizations such as Thomas Cook and SOTC.
The infrastructure and industrial sectors in both countries have also seen significant collaboration initiatives. An agreement has been signed between the Vietnam Maritime Corporation and the Syama Prasad Mookerjee Port Authority for the development of the Kolkata Port. In the healthcare sector, the Vietnam Pharmaceutical Corporation (Vinapharm) and Indian pharmaceutical leader Hetero Labs signed a strategic Memorandum of Understanding (MoU) to collaborate on high-tech biopharmaceutical manufacturing, technology transfer, and the distribution of advanced medical products in Vietnam. Furthermore, in the agricultural sector, an agreement has been signed between the Bioway Group of Vietnam and Professor Jayashankar Telangana Agricultural University for research purposes. In other areas of trade, agreements have been signed between Marina Capital and the All India Spices Importers Federation for the export of spices, while TVL Company and Hampshire Steel have signed agreements for the expansion of stainless steel products. In the legal sector, an agreement has been reached between the International Arbitration Centers of Vietnam and India (VIAC and IIAC) for the resolution of trade disputes.
Alongside economic cooperation, this visit also focused on strengthening cultural and tourism ties between the two nations. Recognizing that Maharashtra’s rich Buddhist heritage, including World Heritage Sites such as Ajanta and Verul, could serve as a major attraction for Vietnamese tourists, the Chief Minister proposed the establishment of a dedicated ‘Buddhist Tourism Circuit’ within the state. To facilitate the realization of this proposal, a plan has been put forward to launch direct air services between Chhatrapati Sambhajinagar and Ho Chi Minh City. Overall, the strategic discussions held between President To Lam and Chief Minister Devendra Fadnavis, and the MoUs that were signed, are set to reaffirm the ties between Maharashtra and Vietnam and take the Enhanced Comprehensive Strategic Partnership between India and Vietnam to a new level.
Related articles:
- World Economic Forum: Agreements worth Rs 30 lakh crore; 83% FDI investment
- Davos World Economic Forum: How Maharashtra is using this premier platform to march towards the 1 Trillion Dollar Economy
- Waves 2025: Entertainment, Technology Festival in Mumbai; Beginning a New Era for Maharashtra!
- Singapore consolidating its investment footprint in Maharashtra under Devendra Fadnavis’s leadership