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India and Vietnam advance their strategic partnership

  • India-Vietnam are pushing to broadbase their relations to encompass all possible areas of cooperation and deepen their strategic partnership building on exceptionally close ties since their foundations were laid more than 50 years ago.
  • India’s relations with Vietnam are marked by growing economic and commercial engagement.
  • India is now among the top ten trading partners of Vietnam.
  • India’s thrust under the ‘Look East’ policy combined with Vietnam’s growing engagement within the region and with India has paid rich dividends, according a Ministry of External Affairs.
  • As part of the growing strategic partnership ONGC Videsh Ltd, the overseas arm of state run Oil and Natural Gas Corp, has decided not to exit Vietnam oil block in South China Sea region.
  • India has 93 projects in Vietnam with total investment of about US$ 1 bn.
  • Vietnam has three investment projects in India with total investment of US$ 23.6 million.
  • Tata Power was awarded a US$ 1.8 billion thermal power project in Soc Trang Province, which is the largest Indian investment project in Vietnam till date.
  • India has also offered to discuss a line of credit of US$300 million in the textile sector.
  • India has also agreed to consider earmarking an amount of up to USD 100 million under the Buyer’s Credit of the National Export Insurance Account (BC-NEIA) for use by Vietnam.
  • It has been decided to open a new Vietnam-India Centre for English Language Training at the Technical University in Nha Trang.
  • There is also a proposal to set up a Centre for Excellence in Software Development and Training in Ho Chi Minh City.
  • A proposal to set up a Centre for Satellite Tracking and Data Reception and an Imaging facility in Vietnam under ASEAN-India Cooperation mechanism is under consideration.

Source: ET

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