MOU’s Worth USD 1 Billion Inked During Namaste Vietnam Festival 2023

Namaste Vietnam Festival 2023′ closed on a high note delivering the desired results and achieving its objective of boosting the bilateral trade between India and Vietnam.

Representatives of Indian and Vietnamese companies along with Captain Rahul Bali and Consul General Dr. Madan Mohan Sethi at the MOU signing ceremony

The second edition of the mega festival organised jointly by the Indian Embassy and Consulate General of India in Vietnam under the aegis of Ministry of External Affairs, Government of India and Innovations India saw a number MOU’s being signed in 03 Major sectors – Railways, Tourism & Cinema.

Conforming to Prime Minister Narendra Modi’s reiteration that Vietnam is a key partner of Indias Act East Policy,the Namaste Vietnam Festival curated by Captain Rahul Bali has become an effective networking platform to promote business and cultural relations between India & Vietnam. MOU’s worth more than USD 1 billion were signed between business enterprises from both the nations during various seminars and meets as part of this Mega Festival conducted in different provinces across Vietnam from 12^th – 20^th August 2023.

Some of the biggest Railway Companies from India namely Railtel Corporation of India, Ashoka Buildcon Limited, Efftronics & JMV LPS Limited inked MOU’s with Big Railway & Infra Companies in Vietnam like the Hoa Binh Group and VIENC (Vietnam International Entrepreneurs Networking Corporation) at the India Vietnam Railway Cooperation Seminar during the Festival. Vietnam is looking at upgrading its rail infrastructure by building 2000 km of new track for Trans Vietnam High Speed Rail by 2030 with a total investment of over USD 58 billion. Vietnam Railways is thus looking for transfer of expertise and technology in various fields like modernization, signalling and safety systems and is seeking partnership of Indian Companies in railway projects of Vietnam. The MOU’s were signed for transfer of technology and expertise of Indian companies for the upgradation of Vietnam Railways.

In the Tourism sector more than 10 MOU’s were signed between the visiting Tour Operators from India and some of the leading Hotels & Tour Companies in Ho Chi Minh City, Dalat, Phu Yen, Ha Nam & Hanoi to promote tourism in both the countries. The MOU’s were signed during the “India – Vietnam Tourism Cooperation Seminars” held in different cities across Vietnam in the presence of His Excellency the Consul General of India Dr. Madan Mohan Sethi and leaders of various provinces.

In another Landmark event towards boosting the cultural relations between India & Vietnam, A MOU was signed between the Government of Phu Yen province of Vietnam and the Curator of Namaste Vietnam Festival, Captain Rahul Bali towards Film Cooperation and Collaboration in Film Making. The ceremony was organised at the beautiful Stelia Beach Resort in Phu Yen and was attended by the Honourable Consul General of India Dr. Madan Mohan Sethi, Eminent Filmmakers & Actors from India and a number of Vietnamese Dignitaries. Internationally acclaimed film makers Rahat Kazmi & Tariq Khan officially announced the first India – Vietnam Co-Production Film to be shot in Vietnam later this year during the event.

Speaking to the media, His Excellency the Consul General of India Dr. Madan Mohan Sethi remarked, “This is a historic moment and I am extremely delighted to say that this is the best take away of the Namaste Vietnam Festival 2023. I am happy that this festival has become an effective platform for the delegations from both countries to explore the possibilities of doing business and the MOU’s signed during the festival bear testimony to the same. It is indeed the start of a new era of collaboration.”