The 15th meeting of Vietnam-India Inter-Governmental Committee on Economic and Science-Technology Cooperation was opened in India’s New Delhi on July 11. The event was co-chaired by Foreign Minister Pham Binh Minh, who is paying an official visit to India, and his Indian counterpart Salman Khurshid.

The two ministers highly appreciated the positive development of the bilateral strategic partnership in various areas, including politics, economics, national defense, security, science, technology, culture and education. They also agreed to set up a joint sub-committee on trade and boost two-way trade to US$7 billion by 2015, and set out orientations and concrete measures to promote the two nations’ ties in a more practical and effective manner. FM Minh affirmed that Vietnam would offer favorable conditions for Indian companies to do business in the country. The Indian official told his guest that India will facilitate Vietnamese investors in such fields as hi-tech and software development, information technology (IT) training, oil and gas, power production, industry, chemicals, and construction. He also said India will grant more preferential credit to Vietnam and offer more scholarships to Vietnam and enhance the exchange of lecturers.

Both the officials agreed to facilitate the opening of a direct air route between the two nations as well as boosting connectivity via road and waterway.

Regarding the East Sea issue, the Indian minister said India backs relevant countries in the settlement of disputes by peaceful means in line with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS), the Declaration on the Conduct of Parties in the East Sea (DOC). During FM Minh’s visit to India, the two nations inked the 2013-2015 Action Plan to enhance cooperation in trade, investment, finance, education-training, science-technology, energy, oil and gas, and agriculture.

In addition, a representative of Vietnamese Finance Ministry signed an agreement with the Export-Import Bank of India (Eximbank) on the provision of preferential credit worth US$19.5 million for Vietnam.