India wants more collaboration with Vietnam
"More than USD 5 billion (investments) are in the pipeline. Potential could be much more given the strength Vietnam has. We are dependent on imports of coal, oil and natural gas, irrespective of our production. We will be happy to do more in sectors like dairy, marine and energy," he said.
The minister said that both onshore and offshore drilling in Vietnam can become a "win-win" situation for both the economies. "We will be happy to further encourage companies to explore and exploit the reserves that are there," he said adding Indian firms like ONGC and its foreign arm OVL could play a leading role in this direction.
Currently, the bilateral trade between the nations stood at USD 3.7 billion.
Indian exports to Vietnam includes pharmaceuticals, cotton and electrical machinery, while imports iron and steel and mineral fuels.