India To Provide Vietnam $300 Mn Loan To Strengthen Maritime Security

India's relationship with Vietnam reached a new high on Thursday when Prime Minister Narendra Modi announced a USD 300 million loan to strengthen Vietnam's maritime security.

The statement was made during the visit of Vietnamese Prime Minister Pham Minh Chinh, showcasing the developing collaboration between the two countries. The leaders agreed to quadruple trade and investment within five years, strengthening their partnership in the Indo-Pacific region.

Prime Minister Modi remarked that Vietnam is a crucial pillar of India's Southeast Asia policy and an important partner in its Indo-Pacific vision. During their meetings, the leaders acknowledged the significant global security concerns, but they also identified chances for collaboration. PM Chinh, the visiting leader, stated, "The Asia-Pacific region is an economic engine, but it is also a hotbed of political activity. We need a global perspective and methodology that promotes multilateralism."

The summit emphasised the intention to broaden collaboration beyond defence, exploring sectors such as semiconductor and green technology, artificial intelligence, cloud computing, and climate change.

The establishment of the "Army Software Park" in Vietnam, aided by India's assistance, demonstrates this devotion. This instructional centre, located at the Tele-Communications University in Nha Trang, will provide Vietnamese soldiers with critical digital skills, strengthening their capacities in an increasingly digital world.