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Vietnam to attend ASEAN-India Commemorative Summit
Anh Kiet 17:15, 2018/01/23
PM Nguyen Xuan Phuc and his spouse will attend the ASEAN-India Commemorative Summit and the 69th anniversary of the Republic Day in India from January 24-26 as guests of Indian Prime Minister Narendra Modi.
The ASEAN - India Commemorative Summit will discuss progress and envision the future directions of the ASEAN-India Strategic Partnership in order to achieve concrete outcomes and utilize the Strategic Partnership at its utmost capacity.
 
Illustration photo
Illustration photo
ASEAN always maintains fine relations with India. In 2017, the two sides marked the 25th anniversary of dialogue relations; the 15th anniversary of high-ranking mechanism establishment, and the fifth anniversary of the strategic partnership. 

Over the past time, ASEAN and India have perfected the comprehensive cooperation in three pillars namely politics- security, economics, culture-society. 

The two sides have already set up 30 dialogue mechanisms including senior level, seven ministerial-level meetings; implemented action plans in the 2016-2020 period. 

Regarding politics-security, India reiterated that Southeast Asian countries marked the beginning of India’s Look East policy with the ASEAN at the center; committing to taking practical actions towards the region. 

India regards comprehensive connectivity with ASEAN as a key focus by initially deploying a credit package of US$ 1 billion for connectivity projects and establishing a special group on ASEAN-India connectivity; and granting additional US$ 50 million for the ASEAN-India cooperative fund. 
 
Vietnam to attend ASEAN-India Commemorative Summit
Vietnam to attend ASEAN-India Commemorative Summit
Regarding the East Sea issue, India backed freedom of navigation, aviation, and trade; settlement of disputes via peaceful measures in line with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982); compliance of the Declaration of the Conduct of the Parties in the East Sea (DOC), and early completion of a framework on the Code of Conduct (COC) in the East Sea. 

Over the past ten year, the two-way trade turnover between ASEAN and India rose 2.5 times, reaching nearly US$ 76 billion in 2017. ASEAN was the fourth largest trade partner of India. 

Meanwhile, India was the sixth largest trade partner of ASEAN. Since 2000, the investment inflow fetched US$ 110 billion. India is implementing a project development fund worth US$ 75 billion which supports Indian businesses to strengthen their footholds in Cambodia, Laos, Myanmar, and Vietnam. 

Over the past time, the cultural and social relations were mostly dynamic among ASEAN and India.  

Vietnam and India set up diplomatic ties on January 7, 1972. In 2007, the two countries officially set up strategic partnership. Especially, in September 2016, the bilateral ties were elevated to comprehensive strategic partnership. 

The economic and trade ties flourished in which two-way trade turnover increased gradually. So far, India was one of the ten biggest trade partners of Vietnam. 

In 2017, the two-way trade turnover touched US$ 7.5 billion, increasing vigorously by 37.7% against 2016. 

As of November 2017, total India’s FDI to Vietnam valued at US$ 756 million with 168 projects in 24 out of 63 provinces and cities, making India the 28th largest investor out of 126 countries and territories doing business in Vietnam. 

Vietnam had seven outward investment projects in India with a total value of US$ 6.15 million. 

So far, both Vietnam and India are members of the ASEAN-India Investment Agreement within the ASEAN-India FTA which was inked in November 12, 2014. The two countries have also worked closely at multilateral forums especially the UN. 

As the coordinator of the ASENA-India relations (in the 2015-2018), Vietnam supports India’s Look East policy, and regional connectivity initiatives.
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