New Delhi, May 6 — India and Vietnam have set a shared target of achieving USD 25 billion in bilateral trade by 2030, MEA Secretary (East) P. Kumaran said at a press briefing on the state visit of Vietnam’s President To Lam. The visit produced 18 outcomes — 13 Memorandums of Understanding and five announcements — and saw ties elevated to an Enhanced Comprehensive Strategic Partnership.
Kumaran noted India also thanked Vietnam for inviting Indian participation in Vietnam’s nuclear power sector. Key areas of cooperation and MoUs agreed during the visit include:
– Financial technology collaboration between the Reserve Bank of India and the State Bank of Vietnam to strengthen FinTech links.
– Cooperation on rare earth minerals to support supply chain resilience and diversification.
– Cross-border connectivity for digital payments to benefit tourists, businesses and remittances.
– Regulatory cooperation between India’s CDSCO and the Vietnam Drug Administration to ease market access for Indian pharmaceuticals and ensure affordable, quality medical products in Vietnam.
– Defence: both sides reaffirmed defence cooperation as a core pillar, agreed to deepen defence industry ties, and are exploring a two-plus-two dialogue between foreign and defence ministries to broaden strategic engagement.
– Agriculture: India will seek access for grapes to Vietnam, while Vietnam will export durian to India.
– Culture: renewal of the cultural exchange programme for 2026–2030.
These measures are intended to deepen economic, strategic and people-to-people links as the two countries expand cooperation across trade, defence, technology, minerals, health and cultural exchange.
