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Eye on China: India and Vietnam advance their strategic partnership - The Economic Times
By ET Bureau | 17 Sep, 2015, 08.51PM IST
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-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.
In recent times, political contacts have strengthened as reflected in several high-level visits by leaders from both sides. Trade and economic linkages continue to grow. 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 document.
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.
OVL has decided to seek a third extension of exploration licence for Block 128 to maintain India's strategic interest in the South China Sea. The block lies in the part of South China Sea over which China claims sovereignty. In 2011, Beijing had warned OVL that its exploration activities off the Vietnam coast were illegal and violated China's sovereignty, but the company continued exploring for oil and gas. The renewal is being seen as India's attempt to assert its presence in the region where China has showed aggression. OVL continues to own 45 per cent in Vietnam's offshore block 6.1
India's relations with Vietnam are marked by growing economic and commercial engagement. India is now among the top ten trading partners of Vietnam.
Bilateral trade between India and Vietnam has seen continuous growth over the past few years. India is now among the top ten trading partners of Vietnam. According to GOI data, trade volume crossed USD 8 bn in FY 2013-14, achieving the target of USD 7 bn by 2015 well in advance, according to MEA.
Both sides have agreed on a new trade target of US$ 15 bn by 2020. Five key items exported to India were mobile phones and components, machinery, computers & electronic hardware, natural rubber, chemicals and coffee. The biggest products imported from India were meat and fishery products, corn, steel pharmaceuticals, cotton and machinery. India is also engaged in the textile and power sectors in Vietnam. A trade delegation is also expected to visit Vietnam soon to explore cooperation in power and shipbuilding sectors.
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. Indian companies are investing in energy, mineral exploration, agro-processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Defence is the other area of growing strategic partnership. Vietnamese Defence Minister General Phung Quang Thanh visited India from 23-26 May 2015 during which a five-year joint vision statement for the period 2015-2020 on defence cooperation and an MoU on cooperation between the coast guards of the two countries were signed. The Indian Armed Forces have been engaged with the capacity building of the Vietnamese Armed Forces particularly the Navy. The areas of focus have been training, repairs
and maintenance support, exchanges between think tanks, study tour and ship visits.
India and Vietnam would be co-chairing the Expert Working Group on Humanitarian Mine Actions in the ADMM+ forum. Four India Naval ships which included the indigenously built stealth frigate INS SATPURA and fleet tanker INS SHAKTI with a complement of around 1200 officers and sailors visited Da Nang from 6-10 June 2013. INS Shivalik, a stealth multi-role frigate is visited Hai Phong port from 5-8 August
, and the Indian Coast Guard vessel Samudra Pehredar visited Da Nang port from 14-16 October 2014.
A US$ 100 million LoC agreement was signed in September 2014 for defence procurement. In addition, 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. The Centre will be fully funded by India and ISRO will be the implementing agency. It will utilise data provided by Indian remote sensing satellites and harness it for multiple developmental applications.
By ET Bureau | 17 Sep, 2015, 08.51PM IST
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-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.
In recent times, political contacts have strengthened as reflected in several high-level visits by leaders from both sides. Trade and economic linkages continue to grow. 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 document.
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.
OVL has decided to seek a third extension of exploration licence for Block 128 to maintain India's strategic interest in the South China Sea. The block lies in the part of South China Sea over which China claims sovereignty. In 2011, Beijing had warned OVL that its exploration activities off the Vietnam coast were illegal and violated China's sovereignty, but the company continued exploring for oil and gas. The renewal is being seen as India's attempt to assert its presence in the region where China has showed aggression. OVL continues to own 45 per cent in Vietnam's offshore block 6.1
India's relations with Vietnam are marked by growing economic and commercial engagement. India is now among the top ten trading partners of Vietnam.
Bilateral trade between India and Vietnam has seen continuous growth over the past few years. India is now among the top ten trading partners of Vietnam. According to GOI data, trade volume crossed USD 8 bn in FY 2013-14, achieving the target of USD 7 bn by 2015 well in advance, according to MEA.
Both sides have agreed on a new trade target of US$ 15 bn by 2020. Five key items exported to India were mobile phones and components, machinery, computers & electronic hardware, natural rubber, chemicals and coffee. The biggest products imported from India were meat and fishery products, corn, steel pharmaceuticals, cotton and machinery. India is also engaged in the textile and power sectors in Vietnam. A trade delegation is also expected to visit Vietnam soon to explore cooperation in power and shipbuilding sectors.
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. Indian companies are investing in energy, mineral exploration, agro-processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Defence is the other area of growing strategic partnership. Vietnamese Defence Minister General Phung Quang Thanh visited India from 23-26 May 2015 during which a five-year joint vision statement for the period 2015-2020 on defence cooperation and an MoU on cooperation between the coast guards of the two countries were signed. The Indian Armed Forces have been engaged with the capacity building of the Vietnamese Armed Forces particularly the Navy. The areas of focus have been training, repairs
and maintenance support, exchanges between think tanks, study tour and ship visits.
India and Vietnam would be co-chairing the Expert Working Group on Humanitarian Mine Actions in the ADMM+ forum. Four India Naval ships which included the indigenously built stealth frigate INS SATPURA and fleet tanker INS SHAKTI with a complement of around 1200 officers and sailors visited Da Nang from 6-10 June 2013. INS Shivalik, a stealth multi-role frigate is visited Hai Phong port from 5-8 August
, and the Indian Coast Guard vessel Samudra Pehredar visited Da Nang port from 14-16 October 2014.
A US$ 100 million LoC agreement was signed in September 2014 for defence procurement. In addition, 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. The Centre will be fully funded by India and ISRO will be the implementing agency. It will utilise data provided by Indian remote sensing satellites and harness it for multiple developmental applications.
