10:50 GMT29 October 2020
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    India will provide Vietnam with a $500 million loan allocated for the country's defense needs, Prime Minister Narendra Modi said Saturday.

    NEW DELHI (Sputnik) — The Indian delegation headed by Modi is currently paying a two-day visit to Vietnam. During the visit, the Indian officials are meeting Vietnamese leadership and discussing cooperation between the two states in a wide range of areas, including defense and investments.

    "I am also happy to announce a new defense line of credit for Vietnam of $500 million for facilitating deeper defense cooperation," Modi said at a joint press conference with his Vietnamese counterpart Nguyen Xuan Phuc.

    He added that the two countries had agreed to enhance their cooperation in the sphere of defense and security.

    According to Modi, the sides have increased the level of bilateral cooperation now described as comprehensive and strategic partnership.

    Related:

    South China Sea on Agenda as Indian PM Modi Visits Vietnam
    Tags:
    loan, Nguyen Xuan Phuc, Narendra Modi, India, Vietnam
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