India, Vietnam signed MoU to Strengthen Micro, Small & Medium Enterprises

India and Vietnam on 15 January 2013 signed a Memorandum of Understanding (MoU) which is directly meant for building capacity and developing institutional framework and identifying thrust areas and opportunities for micro, small and medium enterprises in Vietnam.

The MoU was signed during the 4 day state visit of Vice President Hamid Ansari to Vietnam.

Significance of the MoU

• The MoU signed would be focusing on building capacity for developing policy and institutional framework through exchange of experts for the development of MSMEs, and conducting industrial surveys and feasibility studies to identify thrust areas and opportunities for development of MSMEs in Vietnam.

• It ideates the promotion of partnership projects and institutional cooperation between the two countries, organising exhibitions and trade fairs for marketing the products of MSMEs, exchange of business missions to initiate transfer of technology and business alliance, and providing training for improvement of managerial and technical skills for MSMEs.

The MoU is part of India’s efforts to further strengthen economic ties with Vietnam. The two countries have set a trade and investment target of7billion dollars by 2015.

A Joint Committee comprising representatives from the Ministry of Planning and Investment (Vietnam) and Ministry of Micro, Small and Medium Enterprises (India) is going to monitor the implementation of the MoU.