(VOVWORLD) -Prime Minister Pham Minh Chinh on Wednesday underscored five crucial, fundamental factors for businesses from Vietnam and India to cooperate successfully and effectively. They include good traditional friendship; high political trust; open market; similar culture and civilization with compatible ideas; and same desire to build a strong, prosperous country with rapid and sustainable economic development.
 Prime Minister Pham Minh Chinh addressing the Vietnam-India Business Forum. Photo: Duong Giang/VNA
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In his address at the Vietnam-India Business Forum on Wednesday in New Delhi, Prime Minister Chinh said that based on these factors, Indian businesses are encouraged to expand investment cooperation in Vietnam in areas where India has strengths and Vietnam has high demand and priority, such as high-tech, electronics, science and technology, artificial intelligence (AI), infrastructure construction, renewable energy, new energy (hydrogen), biotechnology, innovation, high-tech agriculture and pharmaceutical industries.
Mr. Chinh affirmed that after more than five decades of Vietnam-India diplomatic ties, the upgrade to a Comprehensive Strategic Partnership in 2016 has opened up new space of cooperation on value chains and strategic resources, economic security, climate change response, environment, science and technology, financial connections, high quality human resources, education, and security defense, in which economic, investment and trade cooperation has become a bright spot and important pillar in the two countries' relationship.
The Prime Minister suggested that the two sides continue to support and promote dialogue activities, investment connections, and implement effective measures to achieve their bilateral trade turnover target of 20 billion USD. He expressed his hope that Indian businesses and investors will create conditions for Vietnamese businesses to participate in the value chain of corporations; considers Vietnam a strategic destination for building research and development (R&D) centers.
 The Prime Minister attends the ceremony to announce the opening of the Da Nang-Ahmedabad flight route of VietjetAir. Photo Duong Giang/VNA
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At the Forum, the Prime Minister witnessed the exchange of Memoranda of Understanding between businesses of the two countries, including MoU between Sovico Group and Adani Group on cooperation in aviation, airports and logistics; MoU between Vietnam Airlines and Innovations India on organizing the third Vietnam-India Friendship Festival; and MoU between T&T Group and Ramky Group to cooperate on pharmaceutical industrial park.
The Prime Minister attended a ceremony where Vietnam’s carrier Vietjet Air announced the launch of its new route from Da Nang to Ahmedabad and welcomed its 200 millionth passenger.