India-Vietnam Maritime Boost: $300M Credit for Speed Vessels

The Export Import Bank of India has sanctioned a $300 million line of credit to Vietnam. This is for purchasing high-speed guard boats and offshore patrol vessels. Agreements were signed with the Vietnamese government for $180 million and $120 million lines for patrol vessels and guard boats, respectively.

The Export Import Bank of India has extended a line of credit amounting to USD 300 million to Vietnam, aimed at bolstering maritime security and fleet capabilities. This comes as part of a dual agreement signed with the Socialist Republic of Vietnam, facilitating the procurement of high-speed guard boats and offshore patrol vessels.

On July 31, 2024, the Exim Bank and the Government of Vietnam formalized the arrangement, which includes a USD 180 million credit line specifically directed towards acquiring four Offshore Patrol Vessels (OPVs). An additional USD 120 million agreement was made for high-speed guard boats to enhance Vietnam's maritime strategy.

These agreements became actionable starting January 20, 2025, with disbursement deadlines set to 60 months post project completion. The execution of this credit agreement is subject to the Foreign Trade Policy governing export of eligible goods and services from India.

(With inputs from agencies.)