Vietnam is looking to double the bilateral trade with India to USD 5 billion in the next three years,a trade delegation from Vietnam visiting the city said. "Trade between India and Vietnam reached USD 2.5 billion in the last fiscal. We set a target to take this to USD 5 billion in 2012," Vietnamese Delegation President Pham Viet Thich said on Tuesday. The delegation had three main objectives,he said,adding that Vietnam is planning to increase export and import to and from India. Secondly,the country would invite Indian corporates to start joint ventures (JVs) with the Vietnamese Government. Thirdly,it gives foremost importance to technology transfer in all fields,Thich said. The Vietnamese Government is mainly looking for trade relations in mechanical,chemical and construction fields,he said. Recently,the Vietnam Government had offered over 900 hectares of land to a joint venture led by Tata Steel for a proposed USD 5-billion project. Tata Steel,the world's sixth largest steel-maker,is expected to start the construction process for the 4.5-million tonnes per annum (MTPA) plant in Vietnam as soon as it gets the licence. The JV,in which Tata Steel holds a 65 per cent stake,has Vietnam Steel Corporation and Vietnam Cement Industries Corporation as the other partners with a 30 and five per cent stake,respectively. Last month,the Government of India had authorised an USD 149.46-million investment plan of ONGC Videsh Ltd (OVL) to further develop its gas field project in Vietnam. The company had begun commercial production of gas from the project in January 2003. OVL holds a 45 per cent interest in the project,British Petroleum 35 per cent and PetroVietnam the remaining 20 per cent. Gujarat-based Mundra Port and Special Economic Zone Ltd is also holding talks with the Vietnamese Government to set up a port in that country.
