The deal was among a dozen cooperation agreements Modi signed in Hanoi alongside his Vietnamese counterpart, Nguyen Xuan Phuc, on the first visit to the country by an Indian prime minister in 15 years.
On Saturday afternoon, PM Modi met with Vietnamese State President Tran Dai Quang, Chairwoman of the lawmaking National Assembly Nguyen Thi Kim Ngan, and Party Chief Nguyen Phu Trong.
Indian Prime Minister Narendra Modi, who is now in Vietnam, held a bilateral meeting with his Vietnamese counterpart Nguyen Xuan Phuc.
Mr. Modi said the India-China partnership was important not just for the region, but the entire world.
Both leaders said ties would be upgraded to the level of a "comprehensive strategic relationship" and that bilateral trade would be nearly doubled to US$15 billion by 2020.
Regarding the East Vietnam Sea situation, the two nations are committed to preserving peace, stability, security, and freedom of navigation and aviation in the vital waterway and in the Asia-Pacific region.
Vietnam had earlier Comprehensive Strategic Partnership only with Russian Federation and China.
The report says that consultations for Indian membership are now taking place on two tracks - discussions undertaken by NSG chair's envoy Rafael Grossi with members of the group, and India's bilateral efforts to increase support for its entry into the club by the year-end.
India also extended another credit line of $100 million to Vietnam for buying a number of naval vessels. India's L&T will build offshore high speed patrol boats for Vietnamese Coast Guards, while an agreement was signed on programme of cooperation in United Nations peacekeeping matters.
He said the agreement on construction of offshore patrol boats was "one of the steps to give concrete shape to our defence engagement".
In consonance with India's continued developmental aid to Vietnam, Modi offered a a grant of $5 million for the establishment of a software park in the Telecommunications University in Nha Trang.
India has already been providing assistance to Vietnam's navy through training to operate the new Russian-built submarines.
All concerned are aware that the principal "regional challenge" is Beijing's aggressive posture in relation to the South China Sea.
Modi also expressed the need to "stay focussed to keep up the momentum" in bilateral ties and invited the Vietnamese leadership to India. "For this, the specific actions by both countries would play the major role", he said.
He sought Modi's suggestions on further strengthening the partnership, particularly trade and investment ties with the UK.
"(We) discussed matters concerning the East Sea (South China Sea)", Mr Phuc told reporters.
He said India had worked to forge closer ties with China and strengthen their development partnership by ensuring peace and tranquility on their border and working for stronger cultural and people-to-people contacts.
India, which also has a border dispute with China, has been vocal on the issues in the South China Sea, calling for freedom of passage in the global waters.
Vietnam has already been chosen as the location for establishing an ISRO satellite tracking centre, however the project is under the aegis of the ASEAN-India initiative and not a bilateral arrangement.
On his part, Xi said China and India should continue dialogues at various levels and in various areas, and frequently exchange views on major issues of common interest to enhance understanding and trust.
Source: http://inewstoday.net
Key words : India, Vietnam, sign 12 agreements, for strengthening strategic partnership.
