(VOVworld) – Indian Prime Minister Narendra Modi hosted an official reception in New Delhi on Tuesday for Vietnamese Prime Minister Nguyen Tan Dung. After the reception, the two Prime Ministers held talks and witnessed the signing of cooperation agreements.

Prime Minister Nguyen Tan Dung is received by Narendra Modi during a ceremonial reception at the forecourt of the Indian President's palace in New Delhi. (Photo: AP)

On Monday, PM Nguyen Tan Dung attended the Vietnam-India Trade and Investment Forum, where he told the two business communities that Vietnam always considers its strategic partnership with India a priority in its national foreign policy. India now is one of Vietnam’s top 10 trading partners with bilateral trade totaling 5.24 billion USD last year. They hope to increase it to 7 billion USD next year and 15 billion USD by 2020.

PM Nguyen Tan Dung called on both sides to tap the available bilateral and multilateral mechanisms including signed agreements on maritime trade, double taxation avoidance, investment facilitation and protection, and tourism and aviation services to boost trade and investment. He suggested Vietnam and India closely coordinate at regional and international forums, establish the ASEAN-India FTA, and accelerate the Regional Comprehensive Economic Partnership negotiations.

PM Nguyen Tan Dung attends the Vietnam-India Trade and Investment Forum. (Photo: VOV)

Prime Minister Dung told the forum: “Vietnam and other ASEAN members are accelerating the establishment of an ASEAN Economic Community by 2015. Vietnam is ready to serve as a gateway to the ASEAN market for Indian businesses. In addition to 8 signed free trade agreements, Vietnam is negotiating free trade pacts with the European Union; the Customs Union of Russia, Belarus and Kazakhstan; the Republic of Korea; and the Trans-Pacific Partnership. Vietnam will become a key link of an expansive networking system grouping 55 partners, including 15 from the group of 20 developing and emerging economies (G20). We hope that more Indian businesses will invest in Vietnam, which will help them approach Vietnamese traders.”

Prime Minister Nguyen Tan Dung proposed more bilateral focus on information technology, bio-technology, mechanical engineering, chemicals, pharmaceuticals, electricity, oil and gas, and agro-fisheries processing. He hailed Jet Airways’ plan to launch new direct flights to Ho Chi Minh City and Vietnam Airlines’ coming direct routes to India. The Prime Minister said that the Indian Tata Group and Vietnam’s Ministry of Industry and Trade are finalizing preparations for the construction of the 1.8-billion-USD Long Phu 2 thermal power plant. This is India’s largest investment project so far, demonstrating a growing interest in the Vietnamese market.

On Monday, Prime Minister Nguyen Tan Dung met with leaders of several leading Indian groups and Jet Airways and visited the Vietnamese Embassy in India.