India and Vietnam Signed Six Agreements Including Joint Oil Exploration in South China Sea

India and Vietnam signed six agreements on 12 October 2011 during the visit of Vietnamese President Truong Tan Sang to India. The agreements are as following:
• India and Vietnam signed an extradition treaty
• Oil exploration agreement in South China Sea
• Friendship pact to celebrate the 40th anniversary of the diplomatic relations in 2012
• Agreement in the field of agriculture and fisheries
• Cooperation in sports and tourism
• Agreement on Cultural Exchanges

India and Vietnam also decided to launch a biennial Security Dialogue between their home ministries. The two nations also decided to increase the trade target to 7 billion US dollars by 2015 from the present mark of 2.7 billion US dollars. Both nations also agreed to work towards early finalisation of the India-Asean Free Trade Agreement in Services and Investment. India and Vietnam also discussed the situation in the Vietnamese Eastern Sea (South China Sea).

Vietnam’s Importance for India
This is the first visit by the Vietnamese President outside the Asean region and shows the importance attached by both sides to the relationship. Developing close relations with Vietnam is an important component of India’s Look East Policy. The Chinese claim on the South China Sea was rejected by both India and Vietnam, saying as per the UN, the blocks belong to Vietnam.