Vietnam today urged Indian pharmaceutical companies to set up units in that country as part of the 'Make in Vietnam' initiative, the country's ambassador to India Ton Sinh Thanh said.
"Pharmaceuticals is one of the major items that Vietnam imports from India. Thus, Indian pharmaceuticals companies should set up base there as a part of Make in Vietnam initiative," Thanh said at a session organised by MCC Chamber here.
Thanh said another area in which India could help Vietnam was services.
"The services sector India is very developed and Vietnam has a pool of skilled manpower. There is lot of scope for cooperation between India and Vietnam in the field of services sector. India has a developed services sector," he said.
There was a need for knowledge transfer from India to Vietnam, he said.
Thanh said the Indian government had offered a credit line of $300 million for trade diversification and strengthening of commercial ties between the two countries.
The targeted bilateral trade between the two countries was $15 billion by 2020. In 2014, the bilateral trade was $5.6 billion.