India inks vision document with Vietnam, to give $500mn defence Line of Credit

New Delhi : Planning to broadbase the “scope and scale” of its defence ties with Vietnam by 2030, India has inked a vision document with the Southeast Asian country.
Union Defence Minister Rajnath Singh held bilateral talks with Vietnam’s Minister of National Defence General Phan Van Giang in Hanoi.
Wide-ranging discussions on effective and practical initiatives to further expand bilateral defence engagements and regional and global issues were held between the two sides.
A Memorandum of Understanding (MoU) on Mutual Logistics Support was also inked. In these times of increasing cooperative engagements between the defence forces of the two countries, this is a major step towards simplifying procedures for mutually beneficial logistic support and is the first such major agreement which Vietnam has signed with any country.
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During the meeting, both Ministers also agreed for early finalisation of $500 million Defence Line of Credit extended to Vietnam. Implementation of the projects will add substantially to Vietnam’s defence capabilities and further Prime Minister Narendra Modi’s vision of Make in India and Make for the World.