India has formally granted market economy status to Vietnam to pave the way for implementation of Free Trade Agreement with ASEAN. The move will help channelise commodity trade and allow Vietnamese products to enter Indian markets. Breifing the media at Hua Hin in Thailand, Secretary, East in the Ministry of External Affairs N.Ravi said, Vietnamese Prime Minister Hun Sen thanked Dr Manmohan Singh for the gesture during the bilateral meeting. Mr Ravi said, Vietnam is important in the promotion of India's political, economic and security interests in South-East Asia and in turn, in the success of the Look East Policy. Both the countries have agreed to raise the two-way trade to 2 billion US Dollars by 2010 and 5 billion dollars by 2015. Our correspondent covering the summit reports that Vietnam also offers very attractive preferential prospects for Indian foreign direct investment after its stress on economic liberalisation. In terms of India's energy security, the vast offshore oil deposits in the east asian nation also offer opportunities for exploration and eventual supply to India.