Prime Minister Narendra Modi announced on Wednesday that India and Vietnam have formalised a strategic roadmap to elevate bilateral trade to $25 billion by 2030. This marks a significant expansion in economic and sector-specific cooperation between the two nations.

The announcement was made as Modi and Vietnamese President To Lam witnessed the exchange of several Memoranda of Understanding at Hyderabad House in New Delhi.

In his joint press statement, the Prime Minister highlighted the specific measures taken to enhance market access and trade volume.

He noted that the MoU between the drug authorities of both countries would increase access to Indian medicines in Vietnam. He further emphasised that the export of Indian agricultural, fisheries, and animal products to Vietnam would become easier, thereby strengthening food and health security in both nations.

Modi underlined that agricultural exchanges would soon yield tangible results for consumers. He remarked that Vietnam would soon taste India’s grapes and pomegranates, while Indian consumers would enjoy Vietnam’s pomelos.

He also confirmed that India and Vietnam had agreed to update the India-ASEAN Trade Agreement by the end of the year, which would provide fresh impetus to trade and investment between India and all ASEAN countries.

The Prime Minister stressed that the partnership was increasingly focused on future-ready sectors, particularly supply chain stability and infrastructure. He pointed out that new initiatives in critical minerals, rare earths, and energy cooperation would ensure economic security and supply chain resilience for both countries.

He added that connectivity and capacity building were important pillars of the partnership, noting with satisfaction that air connectivity between India and Vietnam was continuously increasing.

To facilitate smoother economic transactions, Modi announced that the two leaders had prioritised closer ties between their respective financial institutions. He confirmed that cooperation between the Central Banks of India and Vietnam would be strengthened to push financial connectivity and support the growing trade relationship.

The discussions reflected the growing economic and strategic partnership between India and Vietnam, which has steadily deepened over the years. Beyond trade, the roadmap is expected to reinforce cooperation in areas such as technology, energy, and regional integration, aligning with both nations’ broader strategic interests in the Indo-Pacific.

The emphasis on critical minerals and rare earths also highlights the shared intent to reduce dependency on single-source supply chains, particularly in the context of global disruptions.

This announcement comes at a time when India is actively pursuing diversified trade partnerships across Asia to strengthen its economic resilience.

Vietnam, with its dynamic economy and strategic location in Southeast Asia, is seen as a key partner in India’s Act East Policy.

The roadmap to $25 billion trade by 2030 is therefore not only an economic milestone but also a strategic signal of the deepening partnership between the two countries.

ANI