India Tuesday signed a pact with Vietnam for cooperation in the field of micro, small and medium enterprises, an official statement said here.

Dao Quang Thu, Vietnam's vice minister of planning and investment, and Indian ambassador Ranjit Rae signed the memorandum of understanding (MoU) in Vietnamese capital Hanoi.

The agreement was inked during the ongoing four-day state visit of Vice President Hamid Ansari to Vietnam. 

The MoU will focus on building capacity for developing policy and institutional frame work through exchange of experts for the development of MSMEs. A joint committee will monitor the implementation of the MoU.

Speaking at the event, Indian Vice-President of India M. Hamid Ansari said that MoUs signed will open new avenues for bilateral cooperation.

"We value our strategic understanding and cooperation at regional and multilateral forums like ASEAN, Mekong-Ganga Cooperation, East Asia Summit, ASEM and international organisations like the United Nations and WTO," he said.