India extends $500 million credit line to Vietnam for deeper defence cooperation


Hanoi, Sep 3 (PTI): India today extended USD 500 million Line of Credit to Vietnam for facilitating deeper defence cooperation with the south east Asian nation, as the two countries elevated their ties to a Comprehensive Strategic Partnership to respond to emerging regional challenges.

"Our decision to upgrade our Strategic Partnership to a Comprehensive Strategic Partnership captures the intent and path of our future cooperation. It will provide a new direction, momentum and substance to our bilateral cooperation," Prime Minister Narendra Modi said after talks with his Vietnamese counterpart Nguyen Xuan Phuc here.

He said the two sides recognised the need to cooperate in responding to emerging regional challenges.

Vietnam had earlier Strategic Partnership only with Russia and China. Modi, who arrived here yesterday on his maiden visit to the country, described his talks with Vietnamese counterpart as "extensive and very productive" and said they covered the full range of bilateral and multilateral cooperation.

"I am also happy to announce a new Defence Line of Credit for Vietnam of USD 500 million for facilitating deeper defence cooperation," he said.

"Our common efforts will also contribute to stability, security and prosperity in this region," he said.

The two countries signed 12 agreements in a wide range of areas covering IT, space, double taxation and sharing white shipping information.

An agreement on construction of offshore patrol boats was also signed by the two sides, signalling a step to give concrete shape to defence engagement between the two nations.

"The range of agreements signed just a while ago point to the diversity and depth of our cooperation," Modi said, adding the agreement on construction of offshore patrol boats is one of the steps to give concrete shape to bilateral defence ties.

He said as the two important countries in this region, India and Vietnam feel it necessary to further their ties on regional and international issues of common concern.

Modi also announced a grant of USD 5 million for the establishment of a Software Park in the Telecommunications University in Nha Trang.

"We agreed to tap into the growing economic opportunities in the region," said Modi, the first Indian premier to visit the country in 15 years.

Noting that enhancing bilateral commercial engagement is the strategic objective of the two nations, he said, "For this, new trade and business opportunities will be tapped to achieve the trade target of USD 15 billion by 2020."

Besides seeking facilitation of ongoing Indian projects and investments in Vietnam, Prime Minister Modi said he has invited Vietnamese companies to take advantage of the various schemes and flagship programmes of the Indian government.

"As Vietnam seeks to empower and enrich its people, Modernise its agriculture; Encourage entrepreneurship and innovation; Strengthen its Science and Technology base; Create new institutional capacities for faster economic development; and Take steps to build a modern nation, India and its 1.25 billion people stand ready to be Vietnam's partner and a friend in this journey," Modi told his Vietnamese counterpart.

Speaking about the framework agreement on Space Cooperation, he said it would allow Vietnam to join hands with Indian Space Research Organisation to meet its national development objectives.

Hoping for an early establishment and opening of the Indian Cultural Centre in Hanoi, he said, "The Archaeological Survey of India could soon start the conservation and restoration work of the Cham monuments at My Son in Vietnam."

He also thanked Vietnam's leadership in facilitating inscription of Nalanda Mahavihara as a UNESCO World Heritage site earlier this year. Noting that ASEAN is important to India in terms of historical links, geographical proximity, cultural ties and the strategic space that the two sides share, he said, "It is central to our 'Act East' policy. Under Vietnam's leadership as ASEAN Coordinator for India, we will work towards a strengthened India-ASEAN partnership across all areas."

Modi also expressed the need to "stay focussed to keep up the momentum" in bilateral ties and invited the Vietnamese leadership to India.

 

  

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Comment on this article

  • Vincent Rodrigues., Frazer Town,Bangalore

    Sun, Sep 04 2016

    This may be Modi's strategy to please the neighbor but we don't know how far it will yield the expected results

    DisAgree Agree [1] Reply Report Abuse

  • Jossey Saldanha, Jersey City

    Sat, Sep 03 2016

    Somalia & Nigeria are waiting...

    DisAgree Agree [3] Reply Report Abuse

  • vnayak, mangalore/switzerland

    Sat, Sep 03 2016

    Sorry, Vietnam is way more advanced than India in terms of overall quality of life and income. There are many areas where we could learn from them like agriculture (not just rice) and fishery including fish processing and export where they are masters.By the way, in terms of agriculture they are growing and exporting now tea and coffee too. How do they do it?

    DisAgree Agree [2] Reply Report Abuse

  • Aubb, Kuwait

    Sun, Sep 04 2016


    @ Vnayak,

    You can find very hard working people in Vietnam, not Bhashan makers.

    DisAgree Agree Reply Report Abuse

  • Wilson Pinto, Neerude / Dubai

    Sat, Sep 03 2016

    Collect as much as possible revenue from farmers & poor people of India and distribute to other countries for the fame. Within 27 months India is in prosperity and now ready to distribute to others . Jai Ho PM

    DisAgree [6] Agree [15] Reply Report Abuse

  • A. S. Mathew, U.S.

    Sat, Sep 03 2016

    Mr. Modi's trips to attract trillions of dollars in FDI from the Western and GCC countries is now a total joke.

    Now at this visit, what are the economic achievements for India?
    As the commentators have indicated, Viet-Nam's import of Indian beef will increase offering at a lower price. On the other hand, more rubber will be imported at lower traffic which will make the industrialists very happy while millions of people leaning on the rubber industry will be crying.

    New Defense contract to replace role of China's role, thus further friction with China will be developing!!!!!!!!!!!!!

    What happened with the very friendly good neighbor Nepal? The failed foreign policy of India with Nepal has driven that country to the Chines side already.

    DisAgree [4] Agree [16] Reply Report Abuse

  • Aubb, Kuwait

    Sun, Sep 04 2016


    @ A.S. Mathew,

    Mongolian economy is bankrupt since Modi's visit there...!!

    DisAgree Agree [1] Reply Report Abuse

  • SMR, Karkala

    Sat, Sep 03 2016

    There are nearly 20 crores labour force is on strike for wage increase.The Central government from Health sector to women welfare has rolled back funds.

    Foreign policy more important than the citizens of India.This shows the priority of the government.

    Jai Hind

    DisAgree [2] Agree [14] Reply Report Abuse

  • Sandy, Mangalore

    Sat, Sep 03 2016

    Good Job Mr. PM.

    DisAgree [18] Agree [5] Reply Report Abuse

  • Godwin, Mangalore

    Sat, Sep 03 2016

    What good job he did???????

    DisAgree [3] Agree [16] Reply Report Abuse

  • Declan, Mumbai

    Sat, Sep 03 2016

    Free world Tour on tax payers money.

    DisAgree [2] Agree [17] Reply Report Abuse

  • Alan, Mangalore

    Sat, Sep 03 2016

    Prime Minister has gone to discuss bilateral relations & improve the trade of Beef , besides this Adanis & Ambanis will benefit big time from this visit. Something in lay mans terms called as Crony Capitalism . This Govt has been dishing out loans left , right & centre & has been badly stung by countries like U.S, China, Pakistan , Nepal & Bangladesh & our poor farmers are commiting suicide because of bad loans. what a pity

    DisAgree [3] Agree [10] Reply Report Abuse

  • Lokesh, Mangalore

    Sat, Sep 03 2016

    PM had no money when to assist when farmers committing suicide. Had no money to hep when people are forced to carry their beloved's dead body on their shoulders for more than 10kms but a Bahraini PM had kind heart. Had no money sort out the problems of common man. This Man increases petrol price one day and decreases another day as if the prices like LUNGI. When it comes to surprise visits, world tour and show bazi, he has no problem to spend taxpayers money.

    DisAgree [1] Agree [12] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Sat, Sep 03 2016

    Common man: What is that big list ? Does it contain urgent and important national plans that our PM wants to carry out ?
    PMO: No, it is a big list of his foreign travel plans for the next 2 and half years.

    Common man: A poor man carried his dead wife for 10 KM, a young boy died while being carried by his father from dept to dept and hospital to hospital, and a dead child and his parents were left halfway by ambulance.
    PMO: Yes he will look into it. But, you should appreciate how quick he is to extend $500 million credit line to Vietnam.

    DisAgree [2] Agree [16] Reply Report Abuse

  • Ismail Shaikh, Moodbidri

    Sat, Sep 03 2016

    Here in India prices of all essential commodities are sky rocketed and people can't afford and they will die in hunger but our PM extending Loan to Vietnam to get International fame.Our negighbouring countries relation is worsend since last 2 years thanks to Modi Govt. and the minnows Nepal giving tit for tat nowadays and they doesn't care for India at all thanks to Feku Modi.

    DisAgree [4] Agree [22] Reply Report Abuse

  • A. S. Mathew, U.S.

    Sat, Sep 03 2016

    Dear friend, that is not a problem for Mr. Modi and the party. He likes to travel around the world breaking all the records through impressing the electorate voted for him as if a miracle worker of the 2st century.

    The Ministry Healthy, Women and Child development etc have reduced the budget considerably but helping the neighboring countries to create another Grecian empire of Alexander the great out of India under his rule.

    DisAgree Agree Reply Report Abuse

  • Canute, Dubai

    Sat, Sep 03 2016

    India is very rich country and we are earning millions of dollar from beef export.
    Thanks to present government for exporting all beef, at least we in Dubai can have fresh beef.
    Indian beef is so popular where I can buy from small grocery to giant supermarket.

    DisAgree [7] Agree [29] Reply Report Abuse

  • PAM Suvarna, Karla

    Sat, Sep 03 2016

    Nice Job Mr PM Modi,keep developing a friendly relation with all neighboring countries except porki's.

    DisAgree [33] Agree [23] Reply Report Abuse

  • Lokesh, Mangalore

    Sat, Sep 03 2016

    Yes! He should try to develop good relationship with another country named Karla too.When he is going there and how much he is going to donate?? Ask him to just cross the border to China to bring some Yoga mats and say hello to his Chinese friend with whom he spent some memorable time in Gujarat before getting slapped on face by his Chinese friend.

    DisAgree [1] Agree [9] Reply Report Abuse


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