Indian premier offers loan, defense cooperation in Vietnam

In the present context, however, the most noteworthy is India extending a line of credit of $500 million to Vietnam to strengthen its defence sector.

Hangzhou: China is willing to work with India to maintain “hard-won sound” ties and further boost bilateral cooperation, Chinese President Xi Jinping told Prime Minister Narendra Modi today.

Indian Prime Minister Narendra Modi paid a state visit to Vietnam from Sep.

“He (Modi) said it is of paramount importance that both countries respect each other’s aspirations, concerns and strategic interests”, External Affairs Minstry spokesperson Vikas Swarup told Indian journalists here.

According to PM Phuc, the two countries chose to elevate their strategic partnership to a comprehensive strategic partnership, reflecting extensive India-Vietnam ties for the interests of the two peoples and the preservation of regional peace, stability, and development.

India also extended another credit line of $100 million to Vietnam for buying a number of naval vessels.

India and Vietnam signed 12 agreements, including on cooperation in the field of cyber security and on exploration of outer space for peaceful purposes.

It was the first time in 15 years for an Indian prime minister to visit Hanoi for bilateral talks.

As part of his day’s engagements, the Prime Minister called on Vietnamese President Tran Dai Quang who expressed his support for India’s Act East Policy.

India’s bilateral trade with Vietnam now stands at $7.8 billion and India has surplus trade with Vietnam of around $2.8 billion.

Both leaders said ties would be upgraded to the level of a “comprehensive strategic relationship” and that bilateral trade would be nearly doubled to US$15 billion by 2020.

Another $5 million will facilitate the construction of an army software park at the Telecommunications University in Nha Trang.

The two countries are celebrating the 45th anniversary of establishing diplomatic ties and 10th anniversary of establishment of strategic partnership in 2017.

India has already invested over $1 billion in Vietnam.

However, they were blocked by Asean members with close ties with China, most notably Cambodia, that have sought to avoid antagonising China as it is a major source of aid and an important investment partner.

Mr Modi also called on General Secretary of Communist Party of Vietnam, Nguyen Phu Trong. “And, I have invited Vietnamese companies to take advantage of the various schemes and flagship programmes of my government”.

One agreement on cooperation in United Nations peace keeping operations.

The PM raised the China Pakistan Economic Corridor during his bilateral meeting with Xi before the G20 Summit opens in Hangzhou on Sunday afternoon, officials said.