India and Vietnam on Wednesday agreed to significantly deepen their bilateral engagement, setting an ambitious target of $25 billion in trade by 2030 and elevating their relationship to an “Enhanced Comprehensive Strategic Partnership.” The decisions were taken following wide-ranging talks between Prime Minister Narendra Modi and Vietnamese President To Lam at Hyderabad House in New Delhi.
The discussions spanned a broad spectrum of areas, including defence and security, trade and investment, science and technology, maritime cooperation, renewable and atomic energy, space, and people-to-people exchanges, along with key regional and global issues.
A major highlight of the visit was the signing of 13 Memoranda of Understanding (MoUs) across diverse sectors, reflecting the growing scope of India-Vietnam cooperation. Among the agreements, IREL (India) Limited and Vietnam’s Institute for Technology of Radioactive and Rare Elements formalised cooperation in rare earth elements and emerging technologies. A Cultural Exchange Programme for 2026–2030 was also agreed upon, building on the longstanding cultural agreement between the two nations.
Financial cooperation received a boost with an MoU between the Reserve Bank of India and the State Bank of Vietnam to promote collaboration in digital payments and financial innovation. In the healthcare sector, India’s Central Drugs Standard Control Organization signed an agreement with Vietnam’s Drug Administration to strengthen regulatory cooperation in pharmaceuticals, medical devices, and related areas.
At the sub-national level, a sister-city agreement was concluded between Brihanmumbai Municipal Corporation and Ho Chi Minh City to facilitate exchange of expertise in urban management and economic development. Academic and capacity-building cooperation was reinforced through partnerships involving the Indian Council for Cultural Relations (ICCR), universities in Da Nang and Ho Chi Minh City, and Nalanda University.
The Prime Minister’s Office (PMO) said that the two sides also signed agreements to deepen collaboration in digital technologies between India’s Ministry of Electronics and Information Technology and Vietnam’s Ministry of Science and Technology. In the fintech domain, NPCI International Payments Limited and Vietnam’s NAPAS agreed to work towards cross-border QR code interoperability to facilitate digital payments.
Additional MoUs covered cooperation in public sector auditing, tourism promotion, and the digitisation of Cham manuscripts, including collaboration with the Indira Gandhi National Centre for the Arts for preservation and dissemination of cultural heritage.
Alongside these agreements, both countries announced several key initiatives. They agreed to elevate bilateral ties to an Enhanced Comprehensive Strategic Partnership and set a new trade target of $25 billion by 2030. Vietnam will join the Indo-Pacific Oceans Initiative, while both sides will facilitate agricultural trade by enabling exports of Indian grapes to Vietnam and Vietnamese durians to India. India also announced support for establishing a Site Interpretation Centre at the My Son Temple Complex, a UNESCO World Heritage Site.
The PMO said the outcomes of the visit are expected to enhance economic cooperation, strengthen supply chain resilience, and further solidify the strategic partnership between the two countries, contributing to peace and stability in the Indo-Pacific region.
