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Speaking at a CII seminar in New Delhi, visiting Deputy Minister of Planning and Investment of Vietnam, Tran Dinh Khien, said, "We have signed a joint declaration on a comprehensive framework for cooperation as well as agreements on trade, avoidance of double taxation, encouragement and protection of investment, consular affairs, cooperation in culture, aviation and tourism."
He said foreign direct investment was an integral part of Vietnam's national economy.
"The FDI sector has been given incentives for long term development," he said adding since the passing of the Foreign Investment Law in 1987 till the end of 2004, there have been 5,130 operational projects with total registered capital of over $45.9 billion in Vitenam.
Speaking on the occasion, Vietnamese Ambassador Tran Trong Khanh said with the cooperation from India, direct flights between the two countries could begin soon.
Nguyen Xuan Trung, deputy director general, foreign investment agency of the ministry of planning and investment, Vietnam, said his country could be an ideal investment destination for Indian companies.
The Indian firms could invest in areas like machinery manufacture, iron ore and steel, chemicals and fertilisers, IT and food processing among others.