The Indian government on Thursday (Aug 1) offered a $300 million loan to build up Vietnam’s maritime security to ensure peace and stability in the Indo-Pacific region.
The announcement came on the first day of Prime Minister Pham Minh Chinh’s three-day state visit t0o New Delhi where he met his Indian counterpart PM Narendra Modi at the Hyderabad House.
“Two Dollar Credit Line Agreements between the Government of the Socialist Republic of Viet Nam represented by the Ministry of Finance and Export-Import Bank of India, amounting to USD 300 mn,” read a statement by the Ministry of External Affairs.
Referring to the Indo-Pacific as the region of growth, PM Pham said: “The Asia Indo-Pacific region is a locomotive for growth, but it is also where major politics is taking place fiercely. We need an approach and methodology that is global and upholding multilateralism.”
Meanwhile, PM Modi said India considers Vietnam an integral part of its Act East Policy and that the two nations will continue to deepen their bilateral ties.
“Vietnam is our important partner in our Act East Policy and our Indo-Pacific vision. There is good coordination between our views regarding the Indo-Pacific. We support evolution, not expansionism. We will continue our cooperation for a free, open, rules-based and prosperous Indo-Pacific,” PM Modi said.
#WATCH | PM Narendra Modi says, “…In our discussions today, we extensively discussed all areas of mutual cooperation and took several steps to prepare a roadmap for the future. We believe that due to India’s ‘Viksit Bharat 2047’ vision and Vietnam’s 2045 vision, development… pic.twitter.com/s50U2URuJo
— ANI (@ANI) August 1, 2024
Additionally, the two nations chalked out a Plan of Action for the implementation of the Comprehensive Strategic Partnership during the 2024-2028 period.
A Memorandum of Understanding (MoU) was signed between Central Agricultural University, Imphal, Manipur and Vietnam Academy of Agricultural Sciences, Hanoi, Vietnam for cooperation in agricultural research and education.
Both nations have been strong allies and deal with a common enemy. The line of credit would help Vietnam shore up its defences in the Indo-Pacific where China often trudges along and claims sovereignty.
The bilateral trade between New Delhi and Hanoi in 2022 grew 27 per cent and reached $14.14 billion. Indian exports to Vietnam touched $6.7 billion, while Indian imports from Vietnam amounted to $7.44 billion in the same period.
(With inputs from agencies)
Abhinav Singh
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