Hanoi: Seven pacts were inked between India and Vietnam including the strategically important oil and gas cooperation and an extension of $100 million credit by India for defence procurement.
The agreements were signed during the second day of the four-day state visit of President Pranab Mukherjee who held talks with his Vietnamese counterpart Truong Tan Sang. Both the countries decided to strengthen and deepen bilateral ties on the basis of the strategic partnership with focus on political, defence and security cooperation.
They decided to step up collaboration in the economic sector, science and technology, culture and people-to-people links.
To further consolidate cooperation between India and Vietnam in energy sector and pave the way for future collaboration, a Letter of Intent (LoI) was signed between the ONGC Videsh Limited (OVL) and Vietnam Oil and Gas Group (PetroVietnam). The pact, inked between the Exim Bank of India and the Vietnamese Finance Ministry, provides a concessional line of credit for procurement of defence equipment from India. Details of equipment to be procured by Vietnam are under finalisation.
Other pacts inked were – agreement on cooperation and mutual assistance in customs matters, Memorandum of Understanding (MoU) on animal health, MoU on setting up of Pangasius breeding and farming in India and MoU on cooperation in youth affairs and skill development.
The two countries called for “freedom” of navigation in the South China Sea.
India and Vietnam, who established strategic ties in 2007, asserted that the freedom of navigation in the disputed waters of the resource-rich South China Sea should not be “impeded” and called all the parties “concerned” to exercise restraint in this context.
“The leaders reiterated their desire and determination to work together to maintain peace, stability, growth and prosperity in Asia.” said a joint communiqué issued after the meeting.
The two sides urged for “collective commitment of the concerned parties to abide by and implement the 2002 Declaration on the Conduct of Parties in the South China Sea and to work towards the adoption of a Code of Conduct in the South China Sea on the basis of consensus.
“They called for cooperation in ensuring security of sea-lanes, maritime security, combating piracy and conducting search and rescue operations,” it said.