India and Vietnam have elevated their Comprehensive Strategic Partnership, focusing on trade and finance beyond defense cooperation. During Vietnamese President To Lam’s recent State Visit to India, both nations expressed interest in boosting trade, setting a new goal of achieving USD 25 billion by 2030. This visit, occurring early in Lam’s presidency, highlights the strong partnership between the two countries.
Vietnam has committed to diversifying its supply sources by importing more products from India to support its domestic production and export needs. Both countries aim to enhance supply chains in areas of mutual interest and create a conducive regulatory environment for businesses from India and Vietnam, including standards compliance certification. They also plan to encourage greater two-way investments, especially in sectors like manufacturing, renewable energy, information technology, healthcare, tourism, and others.
In addition to economic ties, India and Vietnam are strengthening cooperation in defense, focusing on traditional and emerging areas such as joint exercises, defense policy dialogue, and co-development of new defense technologies. The two nations will also increase port calls by naval vessels and Air Force aircraft, engage in peacekeeping activities, and collaborate on maritime security and safety to enhance stability in the wider Indo-Pacific region. Security cooperation will extend to information sharing, cybersecurity, counter-terrorism, and combating various crimes, including money laundering and online scams.
