(MPI) - During the State visit of Prime Minister Pham Minh Chinh to India from July 30 to August 1, 2024, the two sides issued a "Joint Statement on Strengthening the Comprehensive Strategic Partnership between Vietnam and India" and agreed to further strengthen the Vietnam-India Comprehensive Strategic Partnership in all fields.

Prime Minister Pham Minh Chinh and Indian Prime Minister Narendra Modi. Photo: VNA

According to the Joint Statement, on political relations, the two Leaders highly appreciated the long-standing friendship and traditional relations between India and Vietnam and expressed satisfaction at the strong development of bilateral relations since the two countries upgraded their relations to Comprehensive Strategic Partnership in 2016. The two sides agreed to continue to effectively implement the results of recent high-level visits and contacts, including the Vietnam-India Joint Vision Statement on Peace, Prosperity and People in 2020 as well as the results of this important visit.

The two leaders agreed that the current geopolitical situation requires closer cooperation between Vietnam and India. They noted many similarities in world vision and expressed support for a greater voice and role for Southern countries in international relations. The two leaders agreed to further strengthen the Vietnam-India Comprehensive Strategic Partnership in all areas.

Promote bilateral trade growth higher than the 15 billion USD level

As two rapidly growing economies, the two Leaders agreed to promote government-business cooperation to enhance bilateral trade and investment as well as technological partnerships. They agreed to work more closely in removing trade barriers to facilitate and boost bilateral trade growth beyond the current level of US$15 billion. They agreed to review the India-ASEAN Trade in Goods Agreement to make it more user-friendly, simpler and more trade-facilitating between the two countries.

The two sides agreed to continue efforts to promote bilateral investment flows. Vietnam welcomes investment from India in the fields of infrastructure, high technology, source technology, clean technology, information technology, supporting industries and manufacturing, garment, automobile and raw materials, green agriculture, smart agriculture, innovation and startups, semiconductors, energy conservation and renewable energy projects, electricity, biogas and polyester fiber, etc. in Vietnam.

India welcomes investment from Vietnam in the fields of agriculture, agro-processing, seafood, wood processing, information technology, battery manufacturing, infrastructure and urban development, bamboo and forestry products, travel and tourism, digital technology, electric vehicles, healthcare and services in India. These commitments are aimed at further strengthening economic cooperation between the two countries.

As two coastal countries in the region, the two Leaders agreed to promote cooperation in the fields of oceanography, marine science and blue economy, as well as capacity building in this field. The two Leaders reaffirmed mutually beneficial cooperation in the oil and gas sector, including exploration and exploitation activities in Vietnam's continental shelf.

The two sides agreed to increase experience sharing in developing regulations and policies to support the promotion of e-commerce and the digital economy; support businesses of both sides to participate in digital platforms and e-commerce to take advantage of e-commerce in enhancing export capacity and participating in regional and global value chains in a sustainable manner. The two leaders also encouraged relevant agencies of the Government and businesses of the two countries to explore cooperation opportunities in green economy, circular economy, digital economy and important industries such as rare earths, semiconductors, and nanomaterials.

Promoting cooperation in innovation, science and technology

The two Leaders reaffirmed the importance of digital technology and encouraged the establishment of a framework to promote bilateral cooperation in the field of financial innovation and digital payments between Vietnam and India.

Recognizing the national priorities of both countries in digital transformation and energy transition, the two Leaders agreed to encourage increased exchanges and cooperation in areas such as digital infrastructure, space technology applications, renewable energy, biotechnology and disaster resilience technology.

The two Leaders expressed satisfaction with the cooperation in the field of peaceful uses of nuclear energy and agreed to further enhance opportunities for deeper cooperation as discussed at the 3rd Session of the Vietnam-India Joint Commission on Civil Nuclear Cooperation.

The two sides welcomed the progress in the project to establish an India-ASEAN Satellite Tracking Centre, Data Collection Station and Data Processing Facility in Vietnam.

The two Prime Ministers agreed to strengthen defense and security cooperation, cultural cooperation, tourism and people-to-people exchange, and regional and international cooperation. The two leaders welcomed the signing of 11 bilateral cooperation agreements./.

Bao Linh

Ministry of Planning and Investment