India’s USD 500 million Line of Credit to Vietnam
Q. India on 3rd September extended a Line of Credit of USD 500 million for deeper defence cooperation with which neighbouring nation?- Published on 06 Sep 16
India has extended the money for facilitating deeper defence cooperation with the SE Asian nation, as the two countries elevated their ties to Comprehensive Strategic Partnership to respond to emerging regional challenges.
- Two sides recognised the need to cooperate in response to emerging regional challenges.
- Decision to upgrade the Strategic Partnership to a Comprehensive Strategic Partnership captures the intent and path of future cooperation
- It will provide new direction, momentum and substance to bilateral cooperation
- The PM of Vietnam Nguyen Xuan Phuc also held talks with PM Modi.
- Vietnam earlier hd Strategic Partnership with only Russia and China.
- Talks between the Indian PM on his maiden visit to the nation and its PM covered the full range of bilateral and multilateral cooperation.
- The two countries signed 12 agreements in a wide range of areas including IT, space, DTAA and white shipping information sharing.
- An agreement on constriction of offshore patrol boats was also signed between the two nations
- USD 5 million has also been granted for the establishment of a Software Park in Telecommunications University in Nha Trang
- Growing economic opportunities in this region will now be tapped to achieve trade target of USD 15 billion by 2020.