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Modi in Vietnam: PM announces USD 500 mln defence LoC

by IBNS 03 Sep 2016, 10:08 am

Hanoi, Sept 3 (IBNS): In a move to bolster India-Vietnam defence cooperation, Prime Minister Narendra Modi, who is presently visiting the Asian nation, announced a USD 500 million defence LoC (letter of credit).

Addressing the state leaders on Saturday, the Prime Minister said, "Happy to announce new defence LoC of US$ 500 million for facilitating deeper defence cooperation." 

"Decided to upgrade our Strategic Partnership to a Comprehensive Strategic Partnership. We agreed to deepen defence and security engagement," he said.

PM Modi also made a pilgrimage to late Vietnamese leader Ho Chi Minh's house and thanked the state government, while urging leaders from both the nation to stay focused.

"Thank u excellency for extending me privilege of personally taking me on pilgrimage to Ho Chi Minh’s house," the PM said in his speech.

"Buddhism & monuments of Vietnam’s Hindu Cham temples stand testimony to the 2000 year old bonds between our societies," PM Modi added.

Prime Minister Modi also lauded Vietnam and its leaders for their determination.

"Your success in reunification & commitment to nation building reflects strength of character. India admired your determination, rejoiced in your success," he said, while adding, "As two important countries in this region, we also feel it necessary to further our ties on regional and international issues of common concern."

"We agreed to tap into growing economic opportunities in the region; Recognized need to cooperate in responding to emerging regional challenges," PM Modi added.

Speaking on India-ASEAN partnership, PM Modi said, "Under Vietnam's leadership as ASEAN Coordinator for India, we will work towards a strengthened India-ASEAN partnership across all areas."

PM Modi also urged leaders from both the nation to stay focused.

"We can take satisfaction from nature and direction of our partnership. We must stay focused to keep up the momentum in our ties," he said.