The Comprehensive Strategic Partnership between Vietnam and India to be further strengthened

A Joint Statement on Strengthening of the Comprehensive Strategic Partnership between Viet Nam and India was issued on the occasion of Prime Minister Pham Minh Chinh’s State visit to India from July 30-August 1.

According to the Joint Statement, PM Pham Minh Chinh and his Indian counterpart Narendra Modi reached an agreement on strengthening the political relations, the economic, trade and investment cooperation, the defense and security cooperation, the innovation and science & technology cooperation, the development, culture, tourism cooperation and people-to-people exchanges, and regional and international cooperation.

On the economic, trade and investment cooperation, the leaders of Vietnam and India agreed to reinforce cooperation at the level of governments and businesses for increasing two-way trade, investment and technological partnership. They agreed to further elevate trade from the present level of around $ 15 billion. Both sides also agreed on the need for closer cooperation on removing trade barriers with a view to facilitating and enhancing bilateral trade. They 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.

The two PMs agreed to continue efforts to promote investment flows between the two countries. Vietnam welcomed investment from India in infrastructure, high technology, source technology, clean technology, information technology, support and manufacturing industries, textile, automobile and materials industry, green agriculture, smart agriculture, innovation and startups, semi-conductors, renewable energy and energy conservation projects, electricity generation, biogas and polyester fabrics, among others, in Viet Nam. India, meanwhile, welcomed investment from Vietnam in agriculture, agro-processing, aquaculture, wood processing, urban development and infrastructure, production of bamboo and forestry products, hospitality and tourism, digital technology, e-vehicles, healthcare and services in India.

“This mutual commitment aims to further strengthen the economic cooperation between the two countries,” the Joint Statement said.

India welcomed Vietnam's decision to join the Coalition on the Disaster Resilient Infrastructure and early completion of domestic procedures to officially join the International Solar Alliance; and Vietnam appreciated India's Global Bio-fuel Alliance initiative, according to the Joint Statement.

 As two coastal countries in the region, Vietnam and India agreed to bolster cooperation in oceanography, marine sciences and blue economy, as well as in capacity building in this area. The leaders also reiterated their mutually beneficial cooperation in the oil and gas sector, including exploration and production in Vietnam's continental shelf.

 The leaders agreed to enhance sharing of experiences in building regulations and policies supporting the promotion of e-commerce and digital economy; and to support businesses from both sides to participate in e-commerce and digital platforms to take advantage of e-commerce in improving export capacity and participating in regional and global value chains in a sustainable way. They also encourage relevant government agencies and businesses of both sides to explore cooperation opportunities in green economy, circular economy, digital economy and critical industries such as rare earth elements, semi-conductor, Nano materials.

On innovation and science & technology cooperation, the two PMs reiterated the significance of digital technologies and encouraged the development of a framework to promote bilateral cooperation in financial innovation and digital payments between Vietnam and India.

Recognizing the national priorities of both countries for digital transformation and energy transition, the leaders decided to encourage greater exchanges and cooperation in areas such as digital public infrastructure, space technology applications, renewable energy, biotechnology and disaster resilience technologies.

The leaders noted with satisfaction the ongoing collaboration in the field of peaceful use of atomic energy and agreed to intensify follow-up on various avenues of further cooperation emerging from the 3rd Vietnam – India Joint Committee Meeting on atomic energy.

They welcomed the progress towards the establishment of ASEAN-India tracking, data reception station and data processing facility in Vietnam.

On the development, culture, tourism cooperation and people-to-people exchanges, the leaders appreciated bilateral development cooperation under the framework of Mekong-Ganga Cooperation through quick impact projects, ITEC training and educational scholarships. They appreciated the establishment of Centre of Excellence for Software Development and Training at the Posts & Telecommunications Institute of Technology, in Ho Chi Minh City, with Indian cooperation. They also welcomed the establishment of Army Software Park at Telecommunications University, Nha Trang with support of the Government of India.

The leaders encouraged greater student, faculty and research exchanges between universities, think-tanks and other institutions of the two countries in the context of 'Viksit Bharat @ 2047' and Vietnam's vision to become a high-income developed country by 2045. They also supported collaboration among institutions on issues of interest to Global South.

They appreciated increase in direct flights between the two countries which have expanded two-way travel and tourism flows. They encouraged further increase in connectivity and tourism between Vietnam and India.

Recalling historical and heritage bonds between the two countries, the leaders encouraged greater exchange of Buddhist scholars, monks, pilgrims, students, and in this direction welcomed the ongoing development of Buddhist and other spiritual sites and institutions. Vietnam appreciated India's commitment for the restoration and conservation of My Son UNESCO World Heritage Site and the work done by Archaeological Survey of India in the A, H and K Blocks as well as the forthcoming project in the F Block.

India appreciated Vietnam's support for the annual organization of the International Day of Yoga in a large number of Vietnamese cities and provinces. The leaders expressed support for greater cooperation among yoga institutions of the two countries and the bilateral exchanges in the field of traditional medicine, including the field of medicinal plants. They also agreed to enhance cultural exchange and media cooperation between the two countries.