Strong Vietnam - India ties in focus at Vietnam’s National Day celebration
By Srimal Fernando Global Editor, The Diplomatic Society
31 August 2016
On the occasion of the 71st anniversary of the National Day of the Socialist Republic of Vietnam, His Excellency Mr. Ton Sinh Thanh the Vietnamese Ambassador to India and Mrs Khanh Phan held a grand evening reception at the Lalit Hotel in New Delhi. This year, on 29th August 2016 Hon Minister of State for External Affairs of India, General Vijay Kumar Singh (Retd) the Chief Guest of the function graced the ceremony and exchanged views on bilateral relations and the growing economic and political relationship.
Pictured at the 71st Anniversary of the National Day of Vietnam are His Excellency Mr. Ton Sinh Thanh the Vietnamese Ambassador to India and Mrs Khanh Phan with Srimal Fernando
The Vietnam national day celebration was held with notable diplomats from various countries, government officials, media, members of the business community that symbolized the diversity of enhanced ties between the two countries.
Photo: Vietnam Prime Minister Nguyen Tan Dung ( r) and Indian Prime Minister Narendra Modi (l)
The war in Vietnam ended on the 30th April 1975, 40 years ago. Since then it has experienced a tremendous economic transformation. Đổi Mới is the name given to the economic reforms initiated in Vietnam in 1986. The Vietnam Communist Party(VCP) General Secretary Nguyen Van Linh, known as the architect of Doi Moi policy, transformed Vietnam's economy from a centralized -planned model economy based on public ownership to a present day multi sector economy based on market liberalization policies. As a result, Vietnam's Gross domestic product (GDP) grew at an annual average rate of 8% from 2001to 2010. In Vietnam, real per capita income has risen from US$ 471 in 2003 to nearly US$ 2300 in 2015. Over the past few years Vietnam has been very successful in attracting foreign direct investment (FDI). The country has attracted over US$ 250 billion in foreign direct investment (FDI) capital.
In the early nineties India and Vietnam established economic ties and in July 2009 the Strategic Partnership Declaration was signed. It uplifted bilateral cooperation to a new level. Bilateral trade between India and Vietnam has seen continuous growth. As of 2015, bilateral trade between India and Vietnam stood at US$ 5.13 billion. The signing of the Association of Southeast Asian Nations (ASEAN) and the India Free Trade Area (AIFTA) Trade in Goods (TIG) Agreement in Bangkok on 13 August 2009 were historic initiatives.
In 2014 the signing of the Association of Southeast Asian Nations (ASEAN) -India Agreement for Trade in Services and Investments has a potentially a positive impact on investment and growth. Indian Prime Minister Narendra Modi's official visit to Vietnam in the first week of September will open a “new page” in bilateral relations. The bilateral relations between both countries have recorded remarkable development over the past few decades. Next year marks the 45th anniversary of diplomatic relations between Vietnam and India. Meanwhile, both nations are committed to deepen, strengthen, and continue the bilateral solidarity and cooperation ties that were established 45 years ago.