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India to cooperate in exploration of new oil, gas projects in Vietnam

India to cooperate in exploration of new oil, gas projects in Vietnam

India Blooms News Service | | 28 Oct 2014, 11:53 pm
New Delhi, Oct 28 (IBNS): India and Vietnam on Tuesday agreed to intensify cooperation in exploration of new oil and gas projects in Vietnam.

"The Prime Ministers welcomed the signing of the Agreement between ONGC Videsh Limited and PetroVietnam for exploration of new oil and gas projects in Vietnam," the Prime Minister Office in India said in a statement.

Prime Minister of the Socialist Republic of Vietnam Nguyen Tan Dung welcomed Indian oil and gas companies to explore new opportunities in midstream and downstream activities in the oil and gas sector in Vietnam.

This comes as Nguyen Tan Dung accompanied by his spouse paid a state visit to India from Monday at the invitation of his Indian counterpart Narendra Modi.

Prime Minister Dung was accorded a ceremonial reception at the Rashtrapati Bhavan and laid a wreath at the memorial of Mahatma Gandhi at Raj Ghat.

Modi held official talks with Dung and hosted a banquet in his honour.

Both the Prime Ministers on Tuesday welcomed the developments in recent years which have led to a continuous strengthening of the strategic partnership between India and Vietnam.

They reaffirmed their commitment for comprehensive development of the strategic partnership between the two countries.

They agreed that a strong India-Vietnam partnership would lead to peace, prosperity and stability for people of both countries and in the wider region.

Modi reaffirmed that Vietnam was "an important pillar of India`s Look East Policy." 

Dung also welcomed a greater role for India in the regional and international arena.

The Prime Ministers noted that strategic partnership between both countries was based on traditional friendship, mutual understanding, strong trust, support and convergence of views on various regional and international issues.

The Prime Ministers expressed satisfaction at the progress made in defence cooperation including exchange of visits, annual security dialogue, service to service cooperation, ship visits, training, capacity building and cooperation at the regional fora including on Humanitarian Mine Action under ADMM-Plus.

They called for early implementation of US$ 100 million Line of Credit Agreement for defence procurement extended by India to Viet Nam. They expressed hope that the ongoing robust defence and security cooperation between India and Vietnam will continue to be strengthened through regular exchanges at high level.

Both agreed that enhancing economic cooperation between both countries should be pursued as a strategic objective. They welcomed the strong growth in bilateral trade in recent years particularly after the implementation of India-ASEAN Trade in Goods Agreement and noted that the conclusion of India-ASEAN Trade in Services and Investment Agreements would further boost economic cooperation between India and ASEAN in general and Vietnam in particular.

They instructed officials on both sides to utilize established mechanisms such as the Joint Sub-Commission on Trade as well as closer PPP and B2B contacts for furthering our shared trade and investment objectives. They also called for close cooperation towards realization of Regional Comprehensive Economic Partnership Agreement (RCEP).

The Prime Ministers expressed their satisfaction on the steady progress made in enhancing trade and investment through fruitful interaction between business leaders from both sides. They agreed to take measures to significantly expand and diversify bilateral trade for mutually beneficial results and agreed to enhance the trade targets to US$ 15 billion by 2020. They urged that events like the India-CLMV Business Conclave should be utilized by business leaders and decision makers to achieve this target.

The Prime Ministers reaffirmed the importance of investment for the growth of their economies and ways to create environment to mobilise greater investment.

Dung welcomed Indian companies to invest in Vietnam and affirmed Vietnam`s commitment to create favourable conditions for Indian investments.

Modi invited the Vietnamese companies to join the accelerated economic growth programme ‘Make in India’ for reaping the benefits of this new initiative. They agreed to utilize the Customs Cooperation Agreement and Maritime Shipping Agreement between the two countries for facilitating more intensive economic engagement.

They also welcomed the approval by the State Bank of Vietnam for the opening of the Bank of India branch in Vietnam.

Both emphasized the importance of connectivity between India and Vietnam and welcomed the code share arrangement between Jet Airways and Vietnam Airlines leading to commencement of Jet Airways flights to Ho Chi Minh City from 5 November 2014 onwards.

They expressed hope that Vietnam Airlines will also commence flight services to India shortly. They also encouraged air carriers of both countries to further open and operate flights between Vietnam and India. They agreed to promote maritime connectivity between the two countries and ship building cooperation.

Bothe the heads of the countries welcomed the signing of the MoU on conservation and restoration of Cham monuments at My Son by the Archaeological Survey of India.

They called for energizing tourism and cultural exchanges between the two countries. They also welcomed signing of the MoU on Nalanda University as a symbol of Buddhist heritage shared by India and Vietnam.

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