Vietnam to support Tata Steel's $5bn investment proposal

Tata Steel 's USD 5 billion investment proposal will receive full support of the Vietnamese government. That's the word coming in from the ASEAN member's trade minister Vu Huy Hoang, Trade Minister, Vietnam in an exclusive conversation with CNBC-TV18. With growing emphasis on English education in the country, Vietnam has also entered into a student exchange programme with Chennai's SSM college headed by Dr. Mathivanan.

Below is an edited transcript of Huy Hoang's interview on CNBC-TV18.

Q: What will happen if you sign the FTA?

A: If we can sign the Free Trade Agreement between India and Association of Southeast Asian Nations (ASEAN), we will be able to promote trade investment between India and Vietnam. We are also thinking about a single FTA between India and Vietnam, but we should sit down together and discuss what will be the positive factor both sides if we can sign this FTA.

Q: You would encourage Indian investment in steel plants and infrastructure, Tata Steel has proposed a USD 5 billion investment in Vietnam, but it has been held up due to site clearances, is there anything that you can do to expedite the process?

A: We see Tata as a very potential partner for Vietnam, especially in steel industry, heavy industry and power industry, concerning the Tata Steel project in Vietnam there are some matters, we have to continue to solve. As far as Tata's projects in Vietnam are concerned the government of Vietnam and the related authority will create favourable condition for them to enter into Vietnam market.

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