India–Vietnam Ties Upgraded, $25B Trade Target Set
India–Vietnam Ties Elevated to ‘Enhanced Strategic Partnership’: PM Modi Trade target set at $25 billion; focus on connectivity, security and cultural ties
- Narendra Modi hosts To Lam in New Delhi
- Bilateral ties upgraded to Enhanced Comprehensive Strategic Partnership
- Trade target raised to $25 billion by 2030
- UPI–Vietnam payment system linkage announced
GG News Bureau
New Delhi, 6th May: Prime Minister Narendra Modi on Wednesday announced a major upgrade in India’s ties with Vietnam, elevating the relationship to an “Enhanced Comprehensive Strategic Partnership” during a joint press interaction with visiting Vietnamese President To Lam.
Welcoming the Vietnamese leader, Modi said his early visit to India after assuming office reflects the priority both nations attach to their partnership. He also highlighted the symbolic start of President Lam’s visit from Bodh Gaya, underlining shared civilisational and spiritual links.
The Prime Minister said India and Vietnam will expand cooperation across key sectors including trade, technology, connectivity, defence, sustainability and supply chain resilience.
Bilateral trade between the two countries has doubled over the past decade to reach $16 billion. Both sides have now set a target of $25 billion by 2030, supported by new agreements and policy initiatives.
Among key announcements, Modi said cooperation between drug regulatory authorities will improve access for Indian pharmaceuticals in Vietnam. Agricultural exports, including fruits such as grapes and pomegranates, are also expected to increase, while India will import Vietnamese produce like durian and pomelo.
The two countries also agreed to work towards updating the India-ASEAN Trade Agreement by the end of the year to boost regional trade and investment flows.
On connectivity, Modi said air links between the two countries are expanding, while financial integration will be strengthened through cooperation between central banks. Notably, India’s UPI system will soon be linked with Vietnam’s fast payment system.
The Prime Minister emphasised that Vietnam remains a key pillar of India’s Act East Policy and Indo-Pacific vision, with both nations sharing a common outlook on regional peace, stability and rule of law.
He also thanked Vietnam for condemning the recent terror attack in Pahalgam and supporting India’s stand against terrorism.
Highlighting the broader global context, Modi said both India and Vietnam are emerging as among the fastest-growing economies and will support each other’s development journeys through deeper strategic cooperation.
