India and Vietnam have agreed to strengthen economic ties and aim to increase bilateral trade to $25 billion by 2030, as per a joint statement released by both nations. The commitment came following discussions between Prime Minister Narendra Modi and Vietnam President To Lam during the latter’s official visit to India. Both countries plan to enhance cooperation between their growing economies at governmental and business levels to boost trade, investment, and technological partnerships.
The agreement includes provisions to ease market access for agricultural products like Indian grapes and pomegranates, along with Vietnamese durians and pomelos. Vietnam has pledged to broaden its import sources and purchase more goods from India to support its domestic production and exports. Efforts will be made to create a favorable regulatory environment for businesses from both nations to improve ease of operations and compliance with standards.
Leaders from both countries have also committed to promoting mutual investments to strengthen economic relations, particularly in high-tech sectors such as transport, manufacturing, renewable energy, and information technology. They aim to enhance ties in various fields including healthcare, agriculture, aquaculture, tourism, and hospitality. Additionally, cooperation in oil and gas exploration, digital economy, e-commerce, and emerging technologies like AI and space exploration is on the agenda.
Recognizing the importance of clean energy and sustainable development, the leaders have agreed to collaborate on renewable energy projects and climate-resilient technologies. They also highlighted the significance of digital technologies and signed an MoU on financial innovation and digital payments. Both nations will work together on critical technology areas like AI, biotechnology, and nuclear technology through joint research and development initiatives.
