Deputy Minister of Finance meets Gujarat delegation in Hanoi

The meeting took place at the Ministry of Finance headquarters on October 20. Tshering W. Sherpa, Ambassador Extraordinary and Plenipotentiary of India to Vietnam, also attended, along with representatives of Gujarat's government and leading businesses from the state.

Photo: Duc Minh

In his remarks, Deputy Minister Can warmly welcomed Minister Kanubhai Mohanlal Desai and members of the delegation. The ministry highly appreciated the visit, describing it as a clear demonstration of the Gujarat government’s strong commitment to translating the two countries’ economic, trade, and investment cooperation into concrete outcomes and further strengthening bilateral ties.

He explained that the meeting marked an important follow-up to the high-level talks held during the visit to India by Party General Secretary and State President To Lam in May, as well as the bilateral meeting between Prime Minister Le Minh Hung and Indian Prime Minister Narendra Modi during the Vietnamese leader’s visit to India to attend the 2026 BRICS Summit in September.

"Elevating bilateral ties to a Comprehensive Strategic Partnership has established a stronger institutional framework and provided fresh momentum for a new phase of more substantive, effective, and sustainable cooperation," Deputy Minister Can said.

Regarding Vietnam’s economic performance, the country was targeting double-digit economic growth in the 2026-2030 period. In the first nine months of 2026, GDP grew by an impressive 9.01 per cent, while inflation was kept at 4.5 per cent and major economic balances remained stable.

Vietnam continued to be one of the world’s leading attractive investment destinations, particularly for foreign direct investment (FDI). In 2026, registered FDI exceeded $38.4 billion, while disbursed FDI reached nearly $28 billion, up 9 per cent compared with 2024, marking the highest level in five years.

Total newly registered FDI exceeded $50 billion, up 76.4 per cent, reflecting strong international investor confidence. Vietnam is currently among the world’s 15 largest developing-country recipients of foreign investment.

Turning to investment and trade cooperation with India, as of September 2026, India had 539 valid investment projects in Vietnam, with total registered capital of $1.17 billion. India ranked 26th among 153 countries and territories investing in Vietnam, with projects concentrated in processing and manufacturing, energy, and mining across 20 provinces and cities. Meanwhile, Vietnam had 37 projects in India, with total disbursed capital exceeding $500 million.

In trade, India was Vietnam’s largest trading partner in South Asia and ranked among its top nine trading partners globally. Vietnam, in turn, was among the four ASEAN countries with the largest trade volumes with India.

Photo: Duc Minh

On behalf of the delegation, Minister Desai expressed his sincere appreciation for the warm and formal reception extended by Vietnam’s MoF. He noted, "The Indian people’s longstanding affection for Vietnam had grown even stronger following visits by Vietnam’s senior leaders."

Introducing Gujarat’s strengths, Minister Desai highlighted the state, which is the home state of Prime Minister Narendra Modi, as one of India’s leading economic growth engines. Gujarat has launched prominent global initiatives, including the Vibrant Gujarat Global Summit and GIFT City, the Gujarat International Finance Tec-City.

"GIFT City is a modern financial and technology hub providing services in areas such as aircraft and ship leasing and securities, while also attracting international banks," he said. "In renewable energy, Gujarat has committed to contributing 100 GW towards India’s target of 400 GW by 2030."

On this occasion, Minister Desai formally presented an invitation letter and commemorative gifts from the Gujarat government, inviting Vietnam’s MoF leaders to attend the Vibrant Gujarat Global Summit in January 2027, with Vietnam as an official partner country. He also invited a Vietnamese delegation to visit Gujarat and explore cooperation opportunities at GIFT City.

In response, Deputy Minister Can expressed his sincere appreciation for the valuable information shared and the official invitation. He said, "The Ministry of Finance would report to the minister for consideration and arrangements for a delegation to attend the important event, helping further strengthen bilateral financial and economic cooperation and take relations between the two countries to a new level."

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