India and Vietnam focus on strategy, $300 million credit line opened for maritime security

India and Vietnam, two rapidly developing nations, have announced a 'new plan of action' to bolster their strategic ties. The announcement was made by Indian Prime Minister Narendra Modi and his Vietnamese counterpart, PM Pham Minh Chinh, at the Hyderabad House in New Delhi. This development comes as both nations continue to accelerate their respective development plans, India's 'Viksit Bharat 2047' and Vietnam's 'Vision 2045', opening up new areas of mutual cooperation.

The new plan of action aims to strengthen the Comprehensive Strategic Partnership between the two nations. It includes cooperation in the field of defense and security, with the inauguration of an Army Software Park in Nha Trang, Vietnam. A US$300 million credit line has been agreed upon to bolster Vietnam's maritime security. Furthermore, both nations have decided to strengthen cooperation on issues of terrorism and cyber security.

The bilateral discussions held between the two leaders also highlighted the expansion and deepening of relations between New Delhi and Hanoi over the last decade. The relationship has transformed into a Comprehensive Strategic Partnership, with bilateral trade increasing by more than 85 percent. Mutual cooperation has expanded in energy, technology, and development partnership. Defense and security areas have gained new momentum, and connectivity has increased, with more than 50 direct flights between the two countries.

In addition to this, tourism is continuously increasing, and people have also been given the facility of e-visa. PM Modi also highlighted the extensive conservation and restoration work done by the Archaeological Survey of India at the UNESCO heritage site of My Son Sanctuary in Quang Nam province of Vietnam. He invited people from Vietnam to the Buddhist circuit in India and expressed a desire for the youth of Vietnam to benefit from the Nalanda University.

The strengthening of the India-Vietnam relationship is a part of India's 'Act East' policy and the Indo-Pacific vision. PM Modi emphasized Vietnam's importance as an important partner in these initiatives. He stated, In our Act East policy and our Indo-Pacific vision, Vietnam is our important partner. There is a good agreement between our views about the Indo-Pacific. We support evolution, not expansionism. We will continue our cooperation for a free, open, rules-based and prosperous Indo-Pacific.

The leaders also agreed to focus on the areas of green economy and new emerging technologies. They concurred that to realize the mutual trade potential, the review of the ASEAN-India Trade in Goods Agreement should be concluded as early as possible. The capabilities of each other in energy and port development will be harnessed for mutual benefit. Work will also be done towards connecting the Private Sector, Small and Medium Enterprises, and start-ups of both the countries.

The visit of PM Pham Minh Chinh to India was marked by a ceremonial welcome at the forecourt of Rashtrapati Bhavan and a visit to Raj Ghat to pay tribute to Mahatma Gandhi. The visit also included a luncheon hosted by PM Modi in honor of the visiting high-level delegation from Hanoi, which included several ministers, deputy ministers, and business leaders.

The new plan of action between India and Vietnam is a significant step in the strengthening of ties between the two nations. It not only enhances defense and security cooperation but also boosts trade and economic ties, fosters technology exchange and development, and promotes cultural exchanges and tourism. This plan solidifies their commitment to mutual support and cooperation, aligning with India's Act East Policy and Vietnam's strategic interests, and collectively contributes to peace, prosperity, and a rules-based order in the region. The strategic partnership between India and Vietnam is a testament to the shared vision and mutual understanding between the two nations, paving the way for a prosperous future.