Vietnam major pillar of India’s Act East Policy, says Modi as defence, rare-earth ties renewed, Pg10

Key Highlights:

• India and Vietnam elevated bilateral relations to an "enhanced comprehensive strategic partnership" during Vietnamese President To Lam's visit.
• Prime Minister Modi affirmed Vietnam as a major pillar of India’s Act East Policy and Vision MAHASAGAR.
• Both countries signed 13 documents, including cooperation in critical minerals, and aim to reach $25 billion in trade by 2030.

Detailed Insights:

• The enhanced partnership signifies a deeper commitment to regional rule of law, peace, stability, and prosperity, particularly in the Indo-Pacific.
• India's support through defence Lines of Credit (LoC) is helping to strengthen Vietnam's defence capabilities and promote bilateral defence cooperation.
• Cooperation extends to digital payments with an MoU between the Reserve Bank of India and the State Bank of Vietnam, and to radioactive and rare earth minerals.
• Vietnam's Ministry of Public Security and India's National Security Council Secretariat will enhance collaboration, indicating strengthened security ties.
• Jawaharlal Nehru's visit to Vietnam in 1954 is remembered as a symbol of India's long-standing support for Vietnam's liberation.

Key Concepts Involved:

• Act East Policy: India's initiative to promote economic, strategic and cultural relations with the Asia-Pacific region.
• Vision MAHASAGAR: India's approach to the Indo-Pacific, emphasizing maritime security, connectivity, and regional cooperation.
• Lines of Credit (LoC): A financial mechanism where India provides loans to other countries for specific projects or purchases.