India-Vietnam sign crucial agreements: PM Modi stresses on Importance of Ties

India and Vietnam signed many crucial agreements during the recent visit of Vietnam’s Prime Minister Nguyen Tan Dung. PM Modi invited the Vietnamese companies to join the accelerated economic growth programme 'Make in India' for reaping the benefits of this new initiative. They agreed to utilize the Customs Cooperation Agreement and Maritime Shipping Agreement between the two countries for facilitating more intensive economic engagement.

PM Modi said that India's defence cooperation with Vietnam is among the most important ones. "India remains committed to the modernization of Vietnam's defence and security forces. This will include expansion of our training programme, which is already very substantial, joint exercises and cooperation in defence equipment," he said. "We will quickly operationalise the 100 million dollars Line of Credit that will enable Vietnam acquire new naval vessels from India. We have also agreed to enhance our security cooperation, including in counter-terrorism," he added.

Applauding the people of Vietnam, Modi said, "We are two developing nations. We have been steadfast in our support for each other and we have stood with each other in difficult moments. We in India admire the people of Vietnam for the courage and resolve with which they have overcome many formidable challenges to their nation."

"We have also agreed to increase our cooperation in Space, including in space applications and launch of Vietnam's satellites, and in peaceful uses of civil nuclear energy" he said. "We emphasized the need for stronger economic relationship as an essential component of a strong strategic partnership. We see great opportunities for increased trade and enhanced Indian participation in areas such energy, infrastructure, textiles, chemicals, machinery, agro-processing and information technology in Vietnam. We have offered to discuss additional lines of credit to support Vietnam's efforts to diversify its industry and economic linkages," Modi elaborated.

"Today, our partnership is important for promoting our nations' prosperity and essential for advancing peace and stability in our shared neighbourhood. We have shared interest in maritime security, including freedom of navigation and commerce and peaceful settlement of maritime disputes in accordance with international law," Modi stressed.

"Since entering office, my government has promptly and purposefully intensified our engagement in the Asia Pacific region, which is critical to India's future. It is no surprise that Vietnam has been at the forefront of our efforts," Modi said.

Trade between India and Vietnam has been steadily growing since independence. Further there is good cooperation in Offshore, Oil & Gas exploration and production. Recently further offshore blocks have been added for exploration and production. These developments augur well for the Indian Shipping and Offshore Industry.