Thursday, October 30, 2014: On Tuesday, the Indian government has offered $300 million credit line to Vietnam for trade diversification. The move is aimed to achieve the target of annual bilateral commerce of $15 billion by 2020 with the country. Last month, a $100 million Line of Credit was offered to Vietnam for defence procurement as the armed forces of the nation need to be upgraded with modern technologies.
It has been noted by both Indian PM Narendra Modi and Vietnam PM Nguyen Tan Dung that if economic collaboration is improved on their parts, then it can support their bilateral strategies too. Both the leaders are pretty satisfied with the steady progress in their bilateral collaboration in trade and investment and now both of them are keen to take the measures ahead in order to expand and diversify the commerce sector of both the countries, which will benefit both mutually.
After a meeting between the two counterparts, a joint statement was issued which said they have agreed to expand their trade targets to $15 billion by 2020. Last fiscal, commerce between Indian and Vietnam was estimated at $8 billion. Now some sectors have been identified by business leaders which can be worked upon by the two nations together including power generation, infrastructure, tourism, textiles, pharmaceuticals, electronics, agriculture, chemicals and some more. Indian companies have been warmly welcomed to invest in Vietnam with an assurance on Dung’s part that they will have comfortable working situations in the country. The statement added that PM Modi has also cordially invited Vietnam based companies to invest in India as a part of his newly launched Make in India campaign. Both the countries are said to be agreed to utilise Customs Cooperation Agreement and Maritime Shipping Agreement to create a better economic future.
