India & Vietnam Set $25 Billion Trade Vision with Stronger Strategic Partnership
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India and Vietnam have taken a major step toward deepening economic and strategic cooperation by agreeing to elevate their bilateral ties to an Enhanced Comprehensive Strategic Partnership, while setting an ambitious target of achieving $25 billion in bilateral trade by 2030.
The announcement came during Vietnamese President To Lam’s state visit to India from May 5 to 7, where both nations emphasized the importance of closer collaboration between two of Asia’s fastest-growing economies. The discussions highlighted trade expansion, investment growth, technology partnerships, and supply chain strengthening as key priorities for the coming decade.
Leaders from both countries agreed to improve market access and create stronger supply chain linkages in sectors of mutual interest. Vietnam also reaffirmed its commitment to diversify sourcing channels and increase imports from India to support its manufacturing and export-driven economy. The move is expected to create new opportunities for Indian exporters across industries such as textiles, engineering goods, pharmaceuticals, and agriculture.
A major focus of the talks was enhancing the ease of doing business. Both sides agreed to work toward a more business-friendly regulatory environment, particularly in areas such as standards compliance and certification procedures. The leaders also stressed the importance of concluding the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA) at the earliest to unlock greater regional trade potential.
The partnership is also expected to accelerate investments in future-focused sectors including renewable energy, electric vehicles, logistics, smart agriculture, manufacturing, and high technology. Innovation and entrepreneurship emerged as another key area of cooperation, with plans to strengthen ties between the start-up ecosystems and innovation hubs of both countries. Adding momentum to digital cooperation, the Reserve Bank of India and the State Bank of Vietnam signed an MoU on payment systems and digital payment innovation.
The renewed partnership reflects a shared vision to build stronger economic resilience and greater regional influence in an evolving global trade landscape.
03:46 PM, May 07
Source : India & Vietnam Set $25 Billion Trade Vision with Stronger Strategic Partnership
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