India and Vietnam Bolster Strategic Ties with New Trade and Defense Agreements

India and Vietnam have strengthened their bilateral relationship with new trade and defense agreements, aiming to significantly increase the current trade volume of USD 15 billion. Leaders from both nations emphasized their shared developmental goals and strategic alliances during recent meetings in India.

In a noteworthy development marking the deepening of India-Vietnam ties, the Ministry of External Affairs, Secretary (East), Jaideep Mazumdar highlighted that bilateral trade between the two nations stands at approximately USD 15 billion. He expressed optimism about significantly increasing this figure, with reciprocal enthusiasm from both nations' leaders.

Speaking at a special briefing on Vietnamese Prime Minister Pham Minh Chinh's visit to India, Mazumdar emphasized the historical and civilizational bonds between the two countries, now flourishing across various sectors. Collaboration spans defense, security, trade, investment, and people-to-people contact, he added.

Mazumdar pointed out Vietnam's rapidly growing economy, aligning with India's developmental vision 'Viksit Bharat 2047,' mirroring Vietnam's '2045 vision' to become a high-income developed country. This shared ambition was reiterated by both sides during discussions.

Both nations solidified their commitment through nine signed agreements covering a wide range of sectors, from medicinal plant research to legal cooperation and media collaboration. Notably, Prime Minister Narendra Modi and PM Chinh jointly inaugurated the Army Software Park in Nha Trang, Vietnam, emphasizing the strategic defense partnership.

Mazumdar announced USD 300 million worth of credit agreements signed between Vietnam's Ministry of Finance and the Import Bank of India, alongside Vietnam's commitment to join the International Solar Alliance and disaster resilience initiatives.

Highlighting the session at Hyderabad House, Prime Minister Modi underscored Vietnam's pivotal role in India's Act East policy and the Indo-Pacific strategy. Both leaders addressed the ASEAN-India Trade in Goods Agreement, aiming for an expedited conclusion to enhance trade potential.

In his address, PM Chinh lauded India's global outlook and strategic COVID-19 response, stressing the need for international solidarity to address Asia's security challenges. During his three-day visit, he received a ceremonial welcome, paid tribute to Mahatma Gandhi, and met with several high-level Indian officials, expressing gratitude for the warm reception and congratulating PM Modi on his electoral victory.

(With inputs from agencies.)