Defence

India hands over Vietnam first high-speed boat under $100 million defense credit line

By WION

India on Monday handed over the first of 12 High-Speed Guard Boat to Vietnam under the $100 million Defence Line of Credit extended by New Delhi to Hanoi.

The handing over happened at the virtual summit, between Indian Prime Minister Narendra Modi and Vietnam’s PM Nguyễn Xuân Phúc during which both sides also launched manufacturing of High-speed Guard Boats and keel laying of 7 such boats which will be manufactured in Vietnam.

While listing out the outcomes on defense at the summit, secretary east, Riva Ganguly Das said, “Both sides agreed to further intensify their defense industry collaboration building on the Indian defense credit lines extended to Viet Nam. An Implementing Arrangement on Defence Industry Cooperation was also signed to this effect.”

Key focus areas were also on development projects and culture. India handed over seven development projects built with Indian ‘Grant-in-Aid’ Assistance of US$ 1.5 million for the local community in Vietnam’s southeast Ninh Thuan province. Additionally, New Delhi has increased the number of Quick Impact Projects to 10, from the current 5 starting FY 2021-2022.

On the cultural front, India will be part of the conservation of 3 historical sites in the ASEAN country–F-block of Temple at My Son, Dong Duong Buddhist Monastery in Quang Nam province, and Nhan Cham Tower in Phu Yen province.

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