India–Vietnam elevate ties to enhanced strategic partnership, target $25bn trade by 2030

India and Vietnam have elevated bilateral relations to an Enhanced Comprehensive Strategic Partnership, announcing a $25 billion annual trade target by 2030 during talks between Indian Prime Minister Narendra Modi and Vietnamese President To Lam.

The discussions focused on expanding cooperation across trade, defence, critical minerals and regional stability in the Indo-Pacific.

  • 13 agreements signed covering digital payments, rare earths, pharmaceuticals, banking, education and culture
  • Trade target by 2030 set to $25bn, with updated India–ASEAN trade agreement planned
  • New cooperation in Unified Payments Interface (UPI) integration, central banking, and supply chain resilience
  • Defence ties strengthened, including submarine rescue cooperation framework

Both leaders reaffirmed commitment to regional stability, rule of law and economic security amid shifting geopolitical conditions.

ℹ️ The Hindu

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India Prime Minister Narendra Modi and Vietnam President To Lam witness the exchange of MoU between Vietnam Health Minister Dao Hong Lan and Union Minister Ashwini Vaishnaw at Hyderabad House, in New Delhi on May 6, 2026. | Photo Credit: ANI
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India–Vietnam elevate ties to enhanced strategic partnership, target $25bn trade by 2030
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