India and Vietnam Set $25 Billion Trade Target by 2030, Strengthen Strategic Economic Partnership

Addressing a joint press statement, Prime Minister Modi outlined concrete measures aimed at enhancing market access and boosting trade volumes. He stated that several key decisions were taken to accelerate bilateral commerce, including an agreement between drug regulatory authorities that will expand access to Indian medicines in Vietnam. He also confirmed that exports of Indian agricultural, fisheries, and animal products to Vietnam will become significantly easier under the new framework.

Highlighting the growing agricultural collaboration, the Prime Minister noted that consumers in both countries would soon witness tangible benefits. He stated that Vietnam would soon receive Indian grapes and pomegranates, while India would gain access to Vietnamese pomelos. He further revealed that both sides agreed to update the India-ASEAN Trade Agreement by the end of the year, a move expected to boost trade and investment across the ASEAN region.

Focusing on emerging sectors, Prime Minister Modi emphasized that the partnership is increasingly oriented toward supply chain resilience and infrastructure development. He underscored new initiatives in critical minerals, rare earths, and energy cooperation as essential to ensuring economic security for both countries. He also highlighted the importance of connectivity and capacity building, noting that air connectivity between India and Vietnam continues to expand steadily.

To facilitate smoother financial transactions, both leaders prioritized stronger cooperation between their central banking systems. Prime Minister Modi confirmed that steps have been taken to enhance coordination between the central banks of the two nations, aimed at improving financial connectivity.

The discussions reflected a deepening economic and strategic alignment between India and Vietnam, with both countries positioning themselves as key partners in regional trade, supply chain stability, and future-ready sectors. The ambitious billion trade target signals a decisive shift toward a more integrated and resilient bilateral relationship.