Vietnam commits to collaborate in oil and gas sector with India

Prime Minister Narendra Modi on Tuesday announced that India and Vietnam have agreed to commit to collaborate in the oil and gas sector, adding that this agreement, along with other memorandums of understanding (MoUs) signed on the day are a reflection of the strong economic relations between the two nations.

"I thanked Prime Minister for Vietnam's commitment to collaboration with India in its oil and gas sector and its additional offer of exploration blocks. We will continue to deepen our cooperation in this sector and associated downstream industry," Prime Minister Modi told the media after the signing of various agreements between the two nations.

"Vietnam's recent decisions on infrastructure projects for Indian companies, the award of a banking licence to Bank of India and commencement of direct air links through Jet Airways and Vietnam Airlines reflect the new momentum in our economic relations," he added.

Prime Minister Modi further said that the MoUs signed between the two nations will ensure that the relations between New Delhi and Hanoi grow even closer.

"The agreements that we have signed today - MoU on Conservation and Restoration of Cham Monuments at My Son, MoU on Vietnam's participation in the Nalanda University and MoU on Audio Visual Cooperation - are just some of the steps that we are taking to promote greater contacts and tourism between our two countries," he said.

"I am very happy to say that the State Visit of Prime Minister Nguyen Tan Dung, together with our President's visit last month, has not only strengthened our traditional friendship, but also accelerated the momentum of our Strategic Partnership," he added.

Prime Minister Modi further announced that he appreciated Vietnam's support for New Delhi's candidature for a permanent seat in the United Nations Security Council.

"I have thanked Prime Minister Dung for Vietnam's co-sponsorship of the resolution in the UN General Assembly to declare June 21 as the International Yoga Day. I conveyed my appreciation for Vietnam's consistent support to India's candidature for permanent membership of a reformed United Nations Security Council. We will continue to work together in regional forums, including the forthcoming East Asia Summit and India-ASEAN Summit, for peace, stability and prosperity in the region," Prime Minister Modi said.

"As Vietnam assumes the role of ASEAN Coordinator for India in 2015, I am confident that India's integration with our ASEAN partners will get a further impetus," he added.

Vietnamese Prime Minister Dung is on a two-day state visit to India. During his visit, the leader witnessed the signing of seven agreements and memorandums of understanding (MoUs) between the two nations.

On Tuesday evening, he will attend a banquet hosted by Prime Minister Modi before departing.