India and Vietnam signed seven Memoranda of Understandings

India and Vietnam on 28 October 2014 signed seven Memoranda of Understandings (MoUs) in New Delhi. The MoUs were signed during the visit of Vietnamese PM Nguyen Tan Dung in India.

The delegation level talks between India and Vietnam were focused on setting up projects in Vietnam on build, operate and transfer basis.

Highlights of the Agreements
•    The agreements were signed in the areas of education, culture, Information and Broadcasting and oil exploration.
•    One agreement was signed for establishing Nalanda University.
•    Another agreement was signed for developing a Centre of English language and Information and Communication Technology training at the Telecommunications University, Ministry of Defence, Vietnam.
•    An agreement for audio-visual cooperation between Prasar Bharati and Voice of Vietnam was also signed.
•    The two sides signed pacts for conservation and restoration of heritage sites of My Son, Quang Nam Province, Vietnam.
•    An agreement was signed between the heads of ONGC Videsh Limited and PetroVietnam.
•    Another agreement was signed for the establishment of a cultural exchange programme for 2015-17 between the Ministry of Culture of both nations.

Despite these agreements, the State Bank of Vietnam and the Bank of India also handed over the license between each other for opening a full-fledged branch of the Bank of India in Vietnam.

Moreover, India will soon operationalise 100 million US Dollars Line of Credit to Vietnam. India-Vietnam aim to enhance the trade targets to 15 billion US Dollars by 2020.