India PM offers Vietnam $500 million credit line for defense cooperation

India's Prime Minister Narendra Modi (R) reviews the guard of honour with his Vietnamese counterpart Nguyen Xuan Phuc during a welcoming ceremony at the Presidential Palace in Hanoi, Vietnam September 3, 2016.

Indian Prime Minister Narendra Modi said on Saturday his country would provide a credit line of half a billion dollars to Vietnam for defense cooperation, the latest sign of closer ties between two countries.

The credit offered by Modi, the first Indian prime minister to visit Vietnam in 15 years, was among a dozen cooperation agreements he signed in Hanoi alongside Vietnamese counterpart Nguyen Xuan Phuc.

In an interview before his trip, Modi said his visit is intended to further boost bilateral and multilateral engagement and cooperation in many fields, including trade, investment, science and technology, space research, defense and security.

Vietnam and India have strengthened their defense ties in recent years. India also extended another credit line of $100 million to Vietnam for buying a number of naval vessels.

India is already training the Vietnam Navy personnel in operating the Russian-origin Kilo-class submarine

thanhniennews.vn