India and Vietnam set target to boost trade, investment and technology cooperation

India and Vietnam have set a new bilateral trade target of 25 billion dollars by 2030 and aim to strengthen collaboration between their governments and business communities to expand two-way trade, investment, and technological cooperation. In a Joint Statement on the Enhanced Comprehensive Strategic Partnership, Prime Minister Narendra Modi and Vietnamese President To Lam stressed the importance of advancing bilateral trade in a balanced and mutually advantageous manner.

The two leaders conducted a comprehensive review of bilateral ties and discussed regional and global issues of shared concern. In light of the shifting geopolitical and economic environment, they highlighted the increasing strategic alignment between India and Vietnam to uphold an international order rooted in international law and committed to peace, stability, cooperation, and prosperity in the region and beyond. They reaffirmed the need to maintain peace, security, stability, and freedom of navigation and overflight in the South China Sea, while resolving disputes peacefully in accordance with international law and without the threat or use of force. Both sides agreed to improve market access, including for agricultural goods. They welcomed the approval of market access for Indian grapes and Vietnamese durians, and agreed to fast-track access for Indian pomegranates and Vietnamese pomelos. The leaders also emphasized that the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA) should be finalized as soon as possible.

Addressing the media following the bilateral discussions in New Delhi this afternoon, Secretary (East) in the Ministry of External Affairs P Kumaran stated that Prime Minister Modi and President To Lam recognized the rising threats posed by terrorism, transnational crime, money laundering, and online fraud. He noted that President To Lam expressed Vietnam’s support for cooperation on counterterrorism, and the Prime Minister thanked Vietnam for its strong backing in response to the Pahalgam attack.

Regarding defence ties, Mr. Kumaran said both nations are considering the establishment of a two-plus-two dialogue mechanism involving their respective foreign and defence ministries. He added that representatives from the Society of Indian Defence Manufacturers visited Vietnam in March this year to explore potential defence procurement opportunities and assess Vietnam’s requirements.