Vietnam creates optimal conditions for Indian companies to continue their long-term operations and expand investment in energy and oil and gas exploration and production in the country’s continental shelf and exclusive economic zone, Vietnamese National Assembly Chairman Vuong Dinh Hue affirmed on December 17.
At a reception in New Delhi for AK Gupta, Managing Director and CEO of ONGC Videsh, an international petroleum company of India and an overseas arm of Oil and Natural Gas Corporation (ONGC), Hue highlighted the traditional friendship and comprehensive strategic partnership between Vietnam and India in different spheres, from politics, diplomacy and national defence and security, to economy, trade, investment, education-training, culture, tourism and people-to-people exchange.
Collaboration in energy and oil and gas exploration and exploitation is a key sector in the bilateral economic, trade and investment ties, he said, lauding the initial presence and successes of the corporation in Vietnam.
The top legislator expressed his hope that apart from oil and gas, Indian investments will be pumped into new fields, to bring two-way trade to 15 billion USD in the time ahead.
Vietnam commits to protecting interests of investors in line with legal regulations, he said, informing Gupta that the Vietnamese legislature will consider amending and supplementing the Oil and Gas Law to create a more favourable legal environment for the development of the industry.
For his part, Gupta said his corporation has maintained close cooperation with Vietnam Oil and Gas Group (PetroVietnam), and thanked Vietnam for its support to ONGC.
He also raised several petitions and noted his wish to continue long-term investment and business activities in Vietnam.
Source: Vietnam News Agency