India and Vietnam have agreed to strengthen bilateral ties by setting a new trade target of $25 billion by 2030, focusing on expanding cooperation in trade, investment, and technology.
In a Joint Statement on the Enhanced Comprehensive Strategic Partnership, Narendra Modi and To Lam emphasized the need to boost two-way trade in a balanced and mutually beneficial manner. The leaders reviewed the full spectrum of bilateral relations and discussed regional and global issues of mutual interest.
Both sides highlighted increasing strategic alignment amid a changing geopolitical and economic landscape, reaffirming their commitment to an international order based on law, peace, stability, and cooperation. They also stressed the importance of maintaining peace, security, and freedom of navigation in the South China Sea, while resolving disputes through peaceful means.
To enhance trade, both countries agreed to facilitate market access, including agricultural products. India will gain access for grapes, while Vietnam will export durians. Discussions are underway to fast-track access for Indian pomegranates and Vietnamese pomelos. The leaders also called for an early conclusion of the review of the ASEAN-India Trade in Goods Agreement (AITIGA).
Addressing the media, P Kumaran from the Ministry of External Affairs noted that both nations acknowledged rising threats such as terrorism, transnational crime, money laundering, and online scams. Vietnam expressed support for India on counter-terrorism efforts, including backing on the Pahalgam attack.
On defence cooperation, both countries are considering the establishment of a “two-plus-two” dialogue involving their foreign and defence ministries. Indian defence manufacturers have also engaged with Vietnamese counterparts to explore procurement opportunities and strengthen defence collaboration.
