(MENAFN- AsiaNet News) India and Vietnam on Thursday held bilateral talk with the Prime Minister, Narendra Modi announcing a USD 300 million line of credit for Vietnam to ramp up the maritime security. Vietnamese Prime Minister Pham Minh Chinh, who was in India on a 3-day visit, Modi told him that India considers Vietnam a key pillar of its policy toward Southeast Asian nations and an important partner in its Indo-Pacific vision.
At a special briefing, the Ministry of External Affairs Secretary (East) Jaideep Mazumdar said that the two credit lines - USD 180 million and the USD 120 million were announced for Coast Guard ships and fast-craft border patrol boats for Vietnamese forces.
Talking to reporters, Chinh said that the world faces fierce security challenges but there are opportunities for cooperation.“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,” the Vietnamese prime minister said.
Both parties expressed their desire to expand their collaboration in defence as well as other fields including semiconductor and green technology, artificial intelligence, cloud computing, and climate action during a joint news conference.
The two prime ministers virtually inaugurated the“Army Software Park” in Vietnam. New Delhi has established this educational facility set to train Vietnamese soldiers in digital skills. In 2022, the bilateral trade witnessed a growth of 27% and stood at USD 14.14 billion.
Indian exports to Vietnam reached USD 6.7 billion, while Indian imports from Vietnam stood at USD 7.44 billion in the same period. It is pertinent to mention here that India exports iron, steel, cotton, cereals, meat, fishery products, electrical machinery and equipment, automobile parts, cement, chemicals and pharmaceuticals to Vietnam.
Vietnam exports copper and rubber, coffee and tea, spices, iron and steel, machinery and mechanical appliances, electrical and electronic equipment, and inorganic chemicals to India. New Delhi has invested about USD 1.9 billion in sectors like energy, mineral exploration, agriculture, information technology and other areas while the Vietnamese has
invested over USD 28.55 million in India that include the sectors like pharmaceuticals, information technology, chemicals, and building materials.
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