The meeting was attended by Mr. Nguyen Thanh Hai - Ambassador Extraordinary and Plenipotentiary of Vietnam to India and Mr. Nikhil Kanodia – Chairman of the Northern region, Indian Chamber of Commerce (ICC).
In the meeting with the delegation, the Automotive Component Manufacturers Association of India (ACMA) was represented by Mr. Vikrampati Singhania - Vice President of ACMA; Mr. Vinnie Mehta - Director General of ACMA, and leaders of companies: Abilities India Pistons & Rings; Minda; Anand; Enco Engineers Combine.
Established in 1959, ACMA is a high-level agency representing India's automotive component industry with over 872 members, contributing nearly 3% of the national GDP and accounting for a quarter of the manufacturing GDP, directly providing employment for about 5 million people.
Mr. Vikrampati Singhania - Vice President of ACMA expressed delight in hosting the delegation from Nghe An province. He added: "This is indeed a very suitable time to visit India because both the country and the national automotive industry in the South Asia region are experiencing strong growth".
Expressing enthusiasm for the continued enhancement of trade, culture, and economy between India and Vietnam in recent years, Mr. Vinnie Mehta - Director General of ACMA affirmed ACMA's commitment to further strengthening cooperation in the automotive sector of both countries.
During the meeting, Mr. Vinnie Mehta - Director General of ACMA also provided an overview of the Indian automotive industry. Accordingly, there is great potential for cooperation between the two sides. India is currently the largest manufacturer of tractors and three-wheeled vehicles; the second-largest manufacturer of two-wheeled vehicles and buses; the third-largest manufacturer of cars; and the fourth-largest manufacturer of heavy trucks in the world.
In the fiscal year 2022-2023, the Indian automotive component industry achieved unprecedented success with revenues of nearly USD 70 billion, recording outstanding growth of 32.8%.
With an expanding network, ACMA plays a significant role in the development of the automotive component sector in India by actively participating in trade promotion, enhancing technology, improving quality, and disseminating information.
In the discussion during the meeting, Secretary of the Provincial Party Committee of Nghe An, Mr. Thai Thanh Quy affirmed the importance of working with ACMA to introduce the investment and business environment to enterprises in the Indian automotive component manufacturing sector.
Further clarifying the competitive advantages of Nghe An, Secretary of the Provincial Party Committee Thai Thanh Quy stated that with its potential, existing and increasingly developing infrastructure, as well as reforms in administrative procedures and investment incentives, Nghe An has attracted nearly USD 2.5 billion in FDI in 2 years (2022, 2023), ranking among the top 10 localities in Vietnam in terms of FDI attraction.
In 2022, Nghe An sent a working delegation to participate in the "India-Vietnam Automotive Industry Business Meeting" - an event within the activities of the Automotive Component Manufacturers Association of India during their visit and work in Vietnam.
Through this meeting in New Delhi, the head of Nghe An Provincial Party Committee invited the Automotive Component Manufacturers Association of India to visit and work in Nghe An; at the same time to pay attention to bridge the gap and promote member companies to explore and research investment opportunities in the province.
"We warmly welcome and are ready for close cooperation", affirmed Secretary of the Provincial Party Committee Thai Thanh Quy.
Leaders of Indian automotive component manufacturing companies expressed great interest in the investment environment in Nghe An, especially regarding tax policies, land rental prices, etc. Mr. Vikrampati Singhania - Vice President of ACMA highly appreciated and affirmed that the association would act as a bridge between its members and Nghe An in the future to explore opportunities and the investment environment for manufacturing in Nghe An.
