India offers Vietnam $300 mln credit for maritime security
This story was originally published at 23:11 IST on 1 August 2024
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NEW DELHI – India will provide a line of credit worth $300 mln to Vietnam to boost the southeast Asian country's maritime security. Agreements to this effect were signed during a bilateral meeting between Prime Minister Narendra Modi and his Vietnamese counterpart Pham Minh Chinh in New Delhi today.
Vietnam's prime minister arrived in India on Tuesday evening for a three-day state visit. Following the bilateral discussions, both leaders expressed a shared commitment to double trade and investment within five years, cementing their alliance in the Indo-Pacific region.
“Two dollar credit line agreements (signed) between the Government of the Socialist Republic of Viet Nam represented by the Ministry of Finance and Export-Import Bank of India, amounting to $300 mln,” the Ministry of External Affairs said.
Jaideep Mazumdar, secretary (East) in the Ministry of External Affairs, said the meeting between the prime ministers was highly productive, adding that Vietnam is a critical pillar in India’s "Act East" policy.
He said two agreements to extend lines of credit worth $180 mln and $120 mln were signed between the countries. Stating that these were part of the package that Modi had announced during his visit to Vietnam earlier, the secretary said the lines of credit would be used to procure coast guard ships and fast border patrol boats.
Both prime ministers discussed the importance of the South China Sea, Mazumdar said, and Prime Minister Pham said around 60% of global trade passes through the region.
India and Vietnam signed a total of nine agreements in diverse areas to strengthen ties. The secretary said bilateral trade between the countries stands at about $15 bln and both sides feel this could be significantly increased. He said Vietnam will also join the Coalition for Disaster Resilient Infrastructure.
On energy, Mazumdar said India is looking forward to new exploration in the region. "We have been in the region for 35 years," he said. "We operate in a bloc along with Vietnam and Russia. The oil wells there have been productive for a long time." End
US$1 = 83.72 rupees
Reported by Kuldeep Singh
Edited by Rajeev Pai
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