Defense Minister Rajnath Singh to the South East Asian Nation
India’s $ 100 million Defense Line of Credit (LoC) underwrites 12 high-speed guard boats for India on June 9 Defense Minister Rajnath Singh to the South East Asian Nation.
“It gives me great pleasure to join this historic celebration marking the successful completion of the project with 12 high-speed guard boats under the $ 100 million Defense LoC. “I am confident that this will be a precursor to many more cooperative defense projects between India and Vietnam,” Singh said at the ceremony.
This is an example of the ‘Make in India-Make for the World’ mission, Mr. Singh added, “We will be more than happy if we are close friends.”
The speed boats will be operated by the Vietnamese Border Guard Force. The deal was executed by Larsen & Tourbo and 12 boats, while five were built in India while the rest were built in Vietnam with assistance from L&T.
Hanoi has procured the 12 high-speed patrol boats for the Vietnamese border guard force under the LoC extended in September 2014. In 2016, India has extended another $ 500 million Defense LoC to Vietnam and deals with the equipment under way. During the bilateral talks, the two Defense Ministers had agreed to the “early finalization” of the Second LoC.
On Wednesday, India and Vietnam signed a mutual logistics support agreement While the two Defense Ministers signed the ‘Joint Vision Statement on India-Vietnam Defense Partnership 2030’, the Defense Ministry said it would enhance existing scope and scale of existing defense cooperation.
Mr. Singh also called on President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh. The Visit also comes with 50 years of the founding of India-Vietnam diplomatic relations.
