India, Vietnam Set US$ 25 Billion Trade Target By 2030
India and Vietnam have agreed to significantly deepen economic and strategic ties, setting a bilateral trade target of US$ 25 billion by 2030 alongside an upgrade of relations to an Enhanced Comprehensive Strategic Partnership.
The agreement was reached in New Delhi during the state visit of Vietnamese President To Lam from May 5-7, marking a fresh push to expand cooperation across trade, investment and technology.
Both countries reaffirmed their commitment to strengthen government and business-level engagement to boost two-way commerce and improve supply chain integration in key sectors. Vietnam also signalled its intention to diversify imports from India to support domestic production and export growth.
The two sides agreed to work towards improving market access and creating a more business-friendly regulatory environment, including smoother standards and certification processes to facilitate trade flows.
They also underscored the need to expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA), seen as critical to expanding regional trade linkages.
Investment cooperation is set to expand into high-growth sectors including manufacturing, logistics, renewable energy, smart agriculture, electric vehicles and high technology. Both countries also committed to strengthening start-up ecosystems and fostering collaboration between innovation hubs.
A key outcome of the visit was the signing of a memorandum of understanding between the Reserve Bank of India (Reserve Bank of India) and the State Bank of Vietnam to enhance cooperation in payment systems and digital financial innovation.
Officials said the upgraded partnership reflects growing economic convergence between the two fast-growing Asian economies and a shared focus on resilient, future-oriented trade and investment frameworks.
