Oil price boost for Indo-Vietnam ties
Asia Times Online, January 22, 2015
Sadhavi Chauhan, Senior Research Fellow, National Institute of Advanced Studies
At the onset of 2015, India’s External Affairs Minister Sushma Swaraj declared that, while 2014 was a year of breakthrough diplomacy for India, in the new year New Delhi will focus on diplomacy for development with a new vision and renewed vigor. This vigor is bound to be boosted by the drop in international oil prices. BBC reported that since June 2014, oil prices have more than halved. Unsurprisingly, this is great news for the Modi government, which in just seven months of being in office has seen a drop in India’s current account deficit and an easing of inflation.
Set in the background of accelerating Indo-Vietnamese energy cooperation, these developments present a ripe opportunity for the two countries to turn the tide in their favor and further boost ties. This article explores the scope of India-Vietnam energy cooperation in light of the plummeting oil prices.