Prime Minister Modi paid an official visit to Vietnam. During the visit both countries elevated their ties to a Comprehensive Strategic Partnership to respond to emerging regional challenges.
It will provide a new direction, momentum and substance to in bilateral cooperation.
Vietnam had earlier Strategic Partnership only with Russia and China.
Prime Minister Modi extended $500 million Line of Credit to Vietnam for facilitating deeper defence cooperation.
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.
Vietnam has shown a keen interest cooperating with India in air and defense production. India’s L&T will build offshore high speed patrol boats for Vietnamese Coast Guards, while a pact was signed on cooperation in UN peacekeeping matters.
Indian Navy and Vietnam Navy will cooperate in sharing of white shipping information. 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.
Mr. Modi also announced a grant of $5 million for the establishment of a Software Park in the Telecommunications University in Nha Trang.
Both nations also set the trade target of $15 billion by 2020.
PM Modi also thanked Vietnam’s leadership in facilitating inscription of Nalanda Mahavihara as a UNESCO World Heritage site earlier this year. India and Vietnam also signed an agreement on celebrating 2017 as ‘The Year Of Friendship’.