Indian Economy News

Prime Minister Mr. Narendra Modi holds talks with Vietnamese President Mr. To Lam, India and Vietnam set US$ 25 billion trade target by 2030

India and Vietnam have agreed to strengthen their bilateral partnership by setting an ambitious trade target of Rs. 2.37 lakh crore (US$ 25 billion) by 2030, following talks between Prime Minister Mr. Narendra Modi and Vietnamese President Mr. To Lam in New Delhi. The discussions covered a wide range of sectors, including defence and security, trade and investment, renewable and atomic energy, science and technology, maritime cooperation, space, and people-to-people exchanges. Both nations also decided to elevate their relationship to an ‘Enhanced Comprehensive Strategic Partnership’, signalling deeper economic and strategic engagement. 

The two countries signed 13 MoUs across sectors such as rare earth minerals, digital payments, healthcare, tourism, education, culture and academic cooperation. India and Vietnam also agreed to facilitate agricultural trade by allowing exports of Indian grapes and pomegranates to Vietnam, while Vietnamese durians and pomelos will enter the Indian market. Cooperation in digital payments will be strengthened through the linkage of India’s UPI with Vietnam’s payment systems. India further announced support for establishing a Site Interpretation Centre at the UNESCO-listed My Son Temple Complex in Vietnam. Bilateral trade between the two countries has already crossed Rs. 1.44 lakh crore (US$ 16 billion), and the new initiatives are expected to improve supply chain resilience, economic cooperation and connectivity between the two fast-growing Asian economies. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.