New Delhi [India], Mar 03: In an endeavour towards bolstering bilateral ties, India and Vietnam on Saturday decided to enhance cooperation in defence production among other sectors, Prime Minister Narendra Modi said.

In a media briefing, the Prime Minister said that delegations from both the countries agreed to further strengthen their trade and investment ties across several sectors like renewable energy, agriculture, textiles, and oil and gas, during the bilateral talks.

"We have decided that we will enhance cooperation in defence production and explore opportunities in a transfer of technology. We will jointly work for an open, independent and prosperous Indo Pacific area where sovereignty and international law is respected," he said.

Hailing the trade ties between both countries, the Prime Minister said, "In the last five years, our bilateral trade has increased from six billion USD to more than 10 billion USD."

He further said that both countries are also working along with other nations on trilateral possibilities, in the oil and gas sector.

Besides trade relations, Prime Minister Modi also extolled India-Vietnam relations as a centuries-old tie based on cultural and historical similarities.

"Vietnam has an important place in India's framework of Act East policy and India's relations with ASEAN," he averred. "It is our good fortune that thousands of people from Vietnam have acquired education and training on technical and other subjects in India. I extend gratitude to Vietnam's President and its vision for this trust," Prime Minister Modi added.

He also welcomed Vietnamese President Tran Dai Quang, who is on a three-day visit to India. The Vietnamese President arrived here on late Friday evening.