Mumbai and Ho Chi Minh City Eye USD 30 Billion Trade Target by 2030

The roundtable summit focused on transforming urban connectivity, digital transformation, and sustainable infrastructure between two of Asia's most influential economic hubs.

Addressing the event, Maharashtra's Minister of State, Ashish Jaiswal, extended a warm invitation to Vietnamese enterprises to integrate into the state's industrial landscape.

He said, "Maharashtra welcomes Vietnam with open arms and invites Vietnamese enterprises to invest, establish businesses, and grow with us," Jaiswal stated.

"We are committed to elevating this partnership to the next level and are keen to develop dedicated infrastructure, specialised IT parks, and advanced data center ecosystems".

He further emphasised that cooperation like this is essential for the state's goal of reaching a USD 1 trillion economy by 2027.

Nguyen Loc Ha, Standing Vice Chairman of the Ho Chi Minh City People's Committee, who was leading the Vietnamese delegation, outlined a future-ready ecosystem for Indian investors.

Ha noted, "Ho Chi Minh City seeks to develop a long-term ecosystem for Indian investments, especially in research and development centers, digital technology projects, smart urban development models, and green energy initiatives."

Meanwhile, highlighting that the bilateral trade between India and Vietnam has already surged past USD 16 billion in FY 2025-26, he proposed a unique "Coffee Diplomacy Center" at WTC Mumbai.

Earlier on Wednesday, both India and Vietnam signed multiple Memorandum of Understandings (MoUs), wherein a target of USD 25 billion in trade by 2030 was aimed with the help of expansion in co-operation.

The leader at the event now aims to reach a USD 30 billion trade target by 2030 through enhanced cooperation in AI, textiles, and agro-processing.

Both India and Vietnam have signed bilateral ties for expansion in cooperation in defence manufacturing, digital payments, rare earths, maritime security, and emerging technology.

Also, MoUs were signed between the Reserve Bank of India and the State Bank of Vietnam on financial innovation and digital payments, and promoting linkages for retail payment platforms via QR codes that would facilitate tourism and business of both sides.

Among other things, General Secretary and President of the Socialist Republic of Vietnam, To Lam, visited Mumbai's National Stock Exchange for a traditional 'bell ringing ceremony' on Thursday. He was welcomed by NSE Chairperson Srinivas Injeti and NSE CEO Ashish Kumar Chauhan.

- ANI