New Delhi. Following a crucial meeting between Prime Minister Narendra Modi and Vietnamese President To Lam, a new chapter has been added to India-Vietnam relations. The two countries have decided to elevate their relationship to an “Enhanced Comprehensive Strategic Partnership.” They have also set an ambitious target of increasing bilateral trade to $25 billion by 2030.
The meeting, held amid rising global tensions and changing equations in the Indo-Pacific region, placed special emphasis on enhancing cooperation in strategic areas such as trade, defence, digital technology and critical minerals.
13 important agreements signed
A total of 13 important agreements were signed between the two countries. These include areas such as digital payment systems, rare earth minerals, pharmaceuticals, education, banking, and cultural cooperation. These agreements are stated to be aimed at further strengthening the economic and strategic partnership.
The situation in the South China Sea was also discussed during the meeting. Both countries agreed on the need for peace, stability and adherence to international law in the region.
President arrives in India to Lam
Vietnam’s newly elected President To Lam chose India for his first state visit abroad. He arrived in New Delhi for a three-day visit with a high-level delegation. Prime Minister Modi noted that Vietnam became India’s first comprehensive strategic partner in the ASEAN region a decade ago, and the relationship has steadily strengthened since then.
Special focus on growing the business
Prime Minister Narendra Modi said that India-Vietnam trade has doubled to $16 billion in the last 10 years. The target is now to reach $25 billion by 2030. He expressed confidence that the new agreements will give new impetus to economic cooperation.
He said the agreement between the drug regulatory bodies will increase access to Indian medicines in Vietnam and will also boost exports of agricultural and animal products, including grapes and pomegranates.
Emphasis on UPI and digital connectivity
The two countries agreed to work towards linking India’s UPI system with Vietnam’s fast payment platform. Discussions were also held on updating the India-ASEAN trade agreement to modern needs.
Both countries also decided to increase cooperation on issues like critical minerals, energy security and strengthening the supply chain.
Support on terrorism and security issues
Prime Minister Modi thanked Vietnam for its support to India against terrorism and its condemnation of the Pahalgam attack. He said that despite global uncertainties, India and Vietnam are rapidly emerging economies and their partnership will provide new impetus to the development of both countries.
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