India and Vietnam have agreed to raise their bilateral trade target to USD 25 billion by 2030 as both countries move to strengthen ties across multiple sectors. MEA Secretary (East) P Kumaran announced the decision during a special media briefing on Vietnamese President To Lam’s visit to India.
“We (India, Vietnam) agreed that a new trade target of $25 billion would be set for achieving by 2030,” Kumaran said.
India also thanked Vietnam for inviting participation in its nuclear power sector. Key agreements included cooperation between RBI and the State Bank of Vietnam in FinTech, along with collaboration in rare earth minerals to improve supply chain resilience and diversification.
Defence cooperation remained a major focus, with both nations exploring a two-plus-two dialogue between foreign and defence ministries. Cross-border digital payments, pharmaceutical market access, and agricultural trade were also expanded, allowing Indian grapes access to Vietnam and Vietnamese durian to India.
President To Lam’s visit resulted in 18 outcomes, including 13 MoUs and five announcements, while both sides also renewed their cultural exchange programme for 2026-2030.
