India, Vietnam elevate strategic ties
Both sides signed agreements which will provide for deeper two way engagements in a range of areas including digital payments, rare earth minerals, pharmaceuticals, education, banking and culture
Both sides signed agreements which will provide for deeper two way engagements in a range of areas including digital payments, rare earth minerals, pharmaceuticals, education, banking and culture
Both sides signed agreements which will provide for deeper two way engagements in a range of areas including digital payments, rare earth minerals, pharmaceuticals, education, banking and culture
• Prime Minister Narendra Modi and Vietnamese President To Lam held talks focusing on expanding bilateral ties in areas of trade, defence and critical minerals in the face of increasing geopolitical upheavals on May 6.
• India and Vietnam elevated their ties to an ‘Enhanced Comprehensive Strategic Partnership’ and set a $25 billion annual trade target by 2030.
• Both sides signed agreements which will provide for deeper two way engagements in a range of areas including digital payments, rare earth minerals, pharmaceuticals, education, banking and culture.
• The year 2026 marks the tenth anniversary of the India-Vietnam Comprehensive Strategic Partnership.
Key outcomes:
1) New trade goal: The two sides agreed to reinforce cooperation between the two rapidly growing economies at the level of governments and businesses for increasing two-way trade, investment and technological partnership. Noting the increase in bilateral trade in the last 10 years, the leaders emphasized the need to further enhance it in a balanced and mutually beneficial manner, and agreed on a new trade goal of $25 billion by 2030.
2) Vietnam joins IPOI: Vietnam joined Indo-Pacific Oceans Initiative (IPOI) and looked forward to enhanced cooperation under that framework.
3) Export of Indian grapes to Vietnam: Both sides will facilitate market access, including for agricultural products in respective countries. They welcomed the decision to grant market access for Indian grapes and Vietnamese durians. They also agreed to expedite market access for Indian pomegranates and Vietnamese pomelos, by quickly resolving technical issues through expedited bilateral consultations.
4) MoU on Mutual Cooperation between IREL (India) Ltd and Institute for Technology of Radioactive and Rare Elements (ITRRE) of Vietnam: The MoU formalises the long-standing commitment on both sides to expand bilateral cooperation in the areas of rare earth elements, among other new-age technologies.
5) MoU between Reserve Bank of India (RBI) and State Bank of Vietnam (SBV): The MoU aims to establish a framework for cooperation in the area of financial innovation and digital payments.
6) MoU between Central Drugs Standard Control Organisation (CDSCO) and Drug Administration of Vietnam (DAV): The MoU seeks to establish a framework for cooperation in the field of medical products regulation, including pharmaceuticals, biological products, medical devices, and cosmetics.
7) MoU on Establishment of Friendship and Cooperation between Brihanmumbai Municipal Corporation, Mumbai and Ho Chi Minh City People’s Committee: The agreement aims to establish a formal framework for enabling both megacities to share expertise in urban management and economic development.
8) MoU between the Ministry of Electronics and Information Technology of India and the Ministry of Science and Technology of Vietnam: This MoU deepens bilateral commitment to strengthen cooperation in digital technologies and IT domain.
9) MoU between NPCI International Payments Limited (NIPL) and National Payment Corporation of Vietnam (NAPAS): This MoU establishes institutional linkages between India’s NIPL and Vietnam’s NAPAS on cross border QR code interoperability to enable payments.