India and Vietnam have signed agreements in key areas such as defence, scientific research, renewable energy, nuclear energy, petro-chemicals, and cancer treatment demonstrating the expanding ties and existing potential for increased cooperation between the two nations, Prime Minister Narendra Modi has said.

The two countries signed a total of nine agreements and made five announcements including implementation of the High Speed Guard Boat Manufacturing Project for Vietnam under the $100 million Defence Line of Credit extended by India. “It is a matter of happiness that we are issuing a Joint Vision Document and a Plan of Action for our bilateral engagement from 2021 to 2023 today. This Joint Vision for Peace, Prosperity and People will send a strong message of our deepened ties to the world,” Modi said speaking at the India-Vietnam Summit held virtually on Monday.

Vietnamese Prime Minister Nguyen Xuan Phuc represented his country at the Summit.

The Joint Vision was adopted to guide the future development of India-Vietnam Comprehensive Strategic Partnership and the Plan of Action identifies concrete follow up actions, said Riva Ganguly Das, MEA Secretary (East). Both sides agreed to also seek new horizons for partnership focusing on all segments of the economy, including MSMEs and farming communities of the two countries.

Prime Minister Modi invited Vietnamese companies to invest in India and highlighted the urgent need for a long-overdue review of ASEAN-India Trade in Goods Agreement (AITIGA) as a concrete step towards revitalising economic engagement between the two countries as well as the larger ASEAN region, the Secretary said.

India wants the ten-member ASEAN to provide greater concessions and market access as part of the trade pact review as the ASEAN has benefitted much more from the existing agreement.

Vietnam is an important pillar of India’s Act East Policy and a prominent partner in the country’s Indo-Pacific Vision, the PM said.

There was also a discussion in the context of India and Vietnam concurrently serving as non-permanent members of the UN Security Council. “Both Prime Ministers agreed that India and Vietnam should work closely to actively promote reformed multilateralism to make international organisations, including the UNSC, more representative, contemporary and capable of dealing with current challenges. Vietnam reiterated its strong support for India’s permanent membership in an expanded UNSC,” Das said.

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