Vietnamese Prime Minister Pham Minh Chinh and Indian Prime Minister Narendra Modi on August 1 issued a joint statement to boost bilateral relations in all fields.

Vietnamese Prime Minister Pham Minh Chinh (left) and Indian Prime Minister Narendra Modi. Photo: Vietnam News Agency

The two government leaders agreed to maintain regular exchanges at all levels, and further strengthen the Vietnam - India Comprehensive Strategic Partnership.

They pledged to continue the effective implementation of the outcomes of high level talks and visits in recent years, including the India-Vietnam Joint Vision for Peace, Prosperity and People in 2020, and the outcomes of the meetings between Prime Minister Narendra Modi and Prime Minister Pham Minh Chinh today, among others.

Vietnam and India will maintain regular exchanges at all levels as current geo-political realities call for closer cooperation between the two nations. Both governments will intensify and strengthen the bilateral dialogue in various domains, including the Joint Commission for Economic, Trade, Science and Technology for mutual benefit, and welcome the signing of the Plan of Action for the implementation of the Comprehensive Strategic Partnership for 2024-2028.

According to the statement, the two economies will reinforce cooperation at the level of governments and businesses, increase two-way trade from the level of around US$15 billion, and enhance their investment and technological partnership.

“Both sides agreed on the need for closer cooperation on removing trade barriers with a view to facilitating and enhancing bilateral trade,” said the statement.

Vietnam and India also concurred that “the ongoing review of ASEAN-India Trade in Goods Agreement should generate a more user-friendly, simple and trade facilitative regime for both countries.”

To facilitate stronger economic and trade relations, Vietnam welcomes investments from India in key areas such as infrastructure, high technology, source technology, clean technology, information technology, support and manufacturing industries, semiconductors, and textile.

On the other hand, Vietnamese companies will have better conditions to set up and expand their operations in India’s agriculture, agro-processing, aquaculture, wood processing, urban development and hospitality and tourism.

Both nations appreciate each other’s participation in regional alliances: the Coalition on the Disaster Resilient Infrastructure, the International Solar Alliance, and the Global Bio-fuel Alliance initiative.

Vietnam and India also agreed to bolster cooperation in oceanography, marine sciences and blue economy, as well as in capacity building in this area, while seeking further exploration and production of oil and gas in Vietnam’s continental shelf.

E-commerce and digital economy are also the keys to enhance Vietnam-India relations. They vowed to support the two business communities to “take advantage of e-commerce in improving export capacity and participating in regional and global value chains in a sustainable way.”

Both governments will also promote the importance of green economy, circular economy, digital economy and critical industries such as rare earth elements, semi-conductor and nano materials among all government agencies, organizations and enterprises.

Cooperation in defense, security, regional and international collaboration

Prime Minister Chinh and his Indian counterpart Narendra Modi reached a consent that India will lend Vietnam some $300 million for defense procurement.

Vietnam and India will form a joint committee to proceed the early operationalization of the Implementing Arrangement on Hydrography.

Both leaders agreed to further enhance defense cooperation based on mutual interest and priorities of the two countries which will also contribute to greater stability in the wider Indo-Pacific region.

In addition, both sides will seek further cooperation in human resources development, peacekeeping operations, cybersecurity, maritime security and safety, search and rescue operations, humanitarian assistance, disaster management, and emergency response and relief.

PM Chinh and PM Narendra Modi expressed their support for further strengthening of ASEAN-India Comprehensive Strategic Partnership which complements bilateral relations with respective Member States.

The leaders appreciated the ASEAN-India Joint Statement on Cooperation on the ASEAN Outlook on the Indo-Pacific (AOIP) for Peace, Stability, and Prosperity in the Region. Both of them agreed to continue strengthening cooperation and mutual support at all international fora.

Underlining the link between prosperity and security, the leaders reaffirmed the importance of maintaining peace, stability, security and freedom of navigation and overflight in the South China Sea, while pursuing the peaceful resolution of disputes in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS), without resorting to threat or use of force.

“Both leaders underscored the importance of non-militarization and self-restraint in the conduct of all activities by claimants and all other states, and avoidance of actions that could further complicate the situation or escalate disputes affecting peace and stability,” said the statement.