India and Vietnam have signed a memorandum of understanding (MoU) that will seek to determine key thrust areas and opportunities, and put into place an institutional framework for micro, small and medium enterprises (MSMEs) in Vietnam. Ministry of Planning and Investments of Vietnam and India’s Ministry of MSME finalised the MoU during the four day state visit by Mr. Hamid Ansari, Vice President of India, to Vietnam. The MoU also aims at promotion of partnership projects and institutional cooperation between India and Vietnam, which will involve, among other initiatives, organising trade fairs and exhibitions for marketing products manufactured by MSMEs, exchange of business missions to provide a platform for transfer of technology and business alliances, and training initiatives for improvement of managerial and technical skills for MSMEs.
These initiatives are integral to India’s continued efforts to further strengthen economic ties with Vietnam. The two nations are targeting bilateral trade and investment of around US$ 7 billion by 2015. A Joint Committee has been set up by Ministries of both the countries, which will monitor the implementation of the MoU.