New Delhi: India and Vietnam on Wednesday elevated their bilateral relationship to an “Enhanced Comprehensive Strategic Partnership” and set an ambitious target of achieving $25 billion in bilateral trade by 2030, following talks between Prime Minister Narendra Modi and Vietnamese President To Lam in New Delhi.
The announcement came during To Lam’s three-day state visit to India, his first official visit to the country since assuming office as president. The two leaders held delegation-level discussions focusing on trade, defence, technology, connectivity and maritime cooperation amid evolving geopolitical challenges in the Indo-Pacific region.
Addressing the media after the talks, Modi said bilateral trade between the two nations has doubled over the past decade to cross $16 billion in the financial year ending March 2026. He said both countries have now agreed to raise the figure to $25 billion by 2030.
Following the talks, India and Vietnam signed 13 agreements covering areas such as digital payments, rare earth minerals, banking, education, pharmaceuticals, culture and technological cooperation. An agreement between the Reserve Bank of India and the State Bank of Vietnam on digital payment connectivity, including QR-based payment systems, was among the important outcomes.
Defence and maritime cooperation also featured prominently in the discussions. Both countries reaffirmed their commitment to a free, open and rules-based Indo-Pacific and stressed the importance of freedom of navigation and peaceful resolution of disputes in accordance with international law.
India and Vietnam have upgraded defence ties. India has hinted that Hanoi is exploring a deal for India’s supersonic cruise missile, BrahMos. This could significantly alter the balance of power in the South China Sea. As China expands its military footprint across disputed waters, Vietnam is looking for stronger deterrence capabilities. In such a scenario, BrahMos may be the answer.
Vietnam’s participation in regional maritime initiatives and deeper cooperation in areas such as maritime domain awareness, hydrography and search-and-rescue operations were also discussed.
Among the agreements, IREL (India) Limited and Vietnam’s Institute for Technology of Radioactive and Rare Elements will collaborate for exchanges in rare earth elements and emerging technologies. A Cultural Exchange Programme for 2026–2030 was also agreed upon.
Academic and capacity-building cooperation was reinforced through partnerships involving the Indian Council for Cultural Relations (ICCR), universities in Da Nang and Ho Chi Minh City, and Nalanda University.
The Prime Minister’s Office (PMO) said the two sides also signed agreements to deepen collaboration in digital technologies between India’s Ministry of Electronics and Information Technology and Vietnam’s Ministry of Science and Technology. In the fintech domain, NPCI International Payments Limited and Vietnam’s NAPAS agreed to work towards cross-border QR code interoperability to facilitate digital payments.
MoUs were signed for public sector auditing, tourism promotion, and the digitisation of Cham manuscripts.
Vietnam will join the Indo-Pacific Oceans Initiative. Both sides will facilitate agricultural trade by enabling exports of Indian grapes to Vietnam and Vietnamese durians to India. India also announced support for establishing a Site Interpretation Centre at the My Son Temple Complex. It is a UNESCO World Heritage Site.
