India and Vietnam set a trade target of 25 billion dollars
Prime Minister Narendra Modi and Vietnamese President To Lam held delegation-level talks in New Delhi on Wednesday, focusing on expanding bilateral cooperation amid evolving geopolitical challenges.
Elected as president earlier this month, Lam began his first state visit to India on Tuesday, leading a high-level delegation for a three-day trip.
During the meeting, both countries agreed to elevate their relationship to an Enhanced Comprehensive Strategic Partnership, marking a significant step forward in bilateral ties.
Following the talks, India and Vietnam signed 13 agreements covering sectors such as digital payments, rare earth minerals, pharmaceuticals, education, banking, and cultural exchanges to deepen engagement.
The two sides also also deliberated on the situation in the Indo-Pacific amid China’s increasing assertiveness in the region, and agreed to continue to contribute to the rule-of-law, peace, stability, and prosperity.
Modi said in his media statement that the bilateral trade between India and Vietnam has doubled in the last decade to reach USD 16 billion and that the target now is to increase it to USD 25 billion by 2030.
To Lam, in his remarks, said both sides agreed to deepen political trust and elevate security cooperation between India and Vietnam.
Last year, India and Vietnam inked a pact to establish a framework for submarine search, rescue and support, and also signed a letter of intent (LoI) to strengthen bilateral defence industry collaboration.