Hanoi: PM Modi extends US$ 500 million defence credit line to Vietnam

Prime Minitser Narendra Modi on Saturday announced a new defence Line of Credit of US$ 500 million for ‘facilitating deeper defence cooperation’ between India and Vietnam. 

Adressing the joint press conference after a bilateral meeting with Vietnam’s Prime Minister Nguyen Xuan Phuc in Hanoi, PM Modi said that India and Vietnam signed total 12 agreements for cooperation in areas, including defence and IT, to boost bilateral ties.

PM Modi, who flew to Hanoi on Friday, is on a two nation diplomatic tour and is scheduled to fly to China for G20 summit later in the day. 

Speaking at the conference, the Prime Minister expressed gratitude for the warm and ordial welcome by the host President Tran Dai Quant at his presidential palace on Saturday morning. He thanked his counterpart Nguyen for personally escorting him to Ho Chi Minh's house in Hanoi. 

PM Modi further revealed that the India-Vietnam delegation level talks covered the full range of bilateral and multilateral co-operation issues, including defence and security engagements. 

Terming Vietnam as rapidly developing strong ecoomy, the Prime Minister also announced that India has offered a grant of US$5 million for the establishment of a software park in the Telecommunications University in Nha Trang in Veitnam. 

He expressed hope that under Vietnam's leadership as ASEAN Coordinator for India, the two nations will work towards a strengthened India-ASEAN partnership across all areas. 

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PM Modi gets ceremonial welcome in Hanoi; meet with Vietnam’s PM Nguyen Xuan Phuc underway

Prime Minister Narendra Modi was accorded a ceremonial welcome in front of the majestic Presidential palace in Hanoi on Saturday morning. Modi, the first Indian prime minister to visit the communist nation in 15 years, was welcomed by Vietnamese president Tran Dai Quant.