India has granted a $300 million loan to Vietnam to boost its maritime security. The announcement came during a high-level meeting between Indian Prime Minister Narendra Modi and Vietnamese Prime Minister Pham Minh Chinh

PM Modi emphasized Vietnam’s importance as a major partner in India’s Indo-Pacific vision, as well as its role in India’s Southeast Asian policy.

During their meeting, both leaders highlighted the significance of increasing trade and investment, aiming to increase their economic exchanges within the next five years.

Pham Minh Chinh acknowledged the global security issues and emphasized the importance of a cooperative approach that upholds multilateralism.

In contrast, India imports coffee, copper, electrical and electronic equipment, inorganic chemicals, machinery, rubber, spices, tea, and iron and steel from Vietnam.

India’s investments in Vietnam are expected to be over $1.9 billion, with sectors including agriculture, energy, information technology, and mineral exploration.

Meanwhile, Vietnamese investments in India total around $28.55 million, with most of it going into building materials, chemicals, information technology and medicines.

The loan and extended cooperation highlight India and Vietnam’s growing relationships, demonstrating their common interests and commitment to regional stability and economic growth.

Reference: AP News, TOI