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India-Vietnam Target $25 Billion Trade by 2030; PM Modi Stresses Supply Chain Resilience

India and Vietnam have formalized a strategic roadmap to increase bilateral trade to $25 billion by 2030. PM Modi announced the goal during a joint press statement with Vietnam's President To Lam. The partnership includes new initiatives in critical minerals, rare earths, and energy to ensure supply chain resilience. Both nations also agreed to update the India-ASEAN Trade Agreement and boost air connectivity.

Key Points: India-Vietnam $25 Billion Trade Target by 2030

  • India-Vietnam set $25 billion trade target by 2030
  • MoUs signed for medicines, agriculture, and critical minerals
  • Air connectivity and central bank cooperation prioritized
  • India-ASEAN trade agreement to be updated by year-end
2 min read

India-Vietnam target USD 25 billion trade by 2030; PM Modi says bilateral ties to ensure "supply chain resilience"

PM Modi and Vietnam President To Lam set a $25 billion trade target by 2030, focusing on supply chains, critical minerals, and agricultural exports.

"We have taken several important decisions today to take our bilateral trade to $25 billion by 2030. - Prime Minister Narendra Modi"

New Delhi, May 6

Prime Minister Narendra Modi on Wednesday announced that India and Vietnam have formalised a strategic roadmap to elevate bilateral trade to USD 25 billion by 2030, marking a significant expansion in economic and sector-specific cooperation between the two nations.

The announcement came as Prime Minister Modi and the President of Vietnam, To Lam, witnessed the exchange of several Memoranda of Understanding (MoUs) at Hyderabad House in Delhi.

Delivering a joint press statement, the Prime Minister highlighted the specific measures taken to enhance market access and trade volume. "We have taken several important decisions today to take our bilateral trade to $25 billion by 2030. The MoU between our drug authorities will now increase access to Indian medicines in Vietnam. The export of Indian agricultural, fisheries and animal products to Vietnam is also going to become easier," PM Modi stated.

The Prime Minister further noted that the agricultural exchange would soon yield tangible results for consumers in both countries. "Very soon, Vietnam will taste India's grapes and pomegranates, and we will taste Vietnam's pomelos. Not only this, but we also agreed to update the India-ASEAN Trade Agreement by the end of the year. This will give new impetus to trade and investment between India and all ASEAN countries," he added.

Focusing on future-ready sectors, the Prime Minister emphasised that the partnership is increasingly focused on supply chain stability and infrastructure. "New initiatives in critical minerals, rare earths, and energy cooperation will ensure the economic security and supply chain resilience of both our countries. Connectivity and capacity building are important pillars of our partnership. We are very happy that air connectivity between the two countries is continuously increasing," he observed.

To facilitate smoother economic transactions, the two leaders also prioritised closer ties between their respective financial institutions. "To push financial connectivity, today we have taken the initiative to increase cooperation between our Central Banks," the Prime Minister confirmed.

The discussions reflected the growing economic and strategic partnership between India and Vietnam.

- ANI

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Reader Comments

P
Priya S
Good step but talk is cheap. We've heard many trade targets before. Focus should be on actually reducing red tape and improving logistics. Our ports still have huge delays. Also, let's ensure Indian farmers and small businesses actually benefit, not just big corporates.
J
James A
Interesting move by India. The focus on critical minerals and rare earths is smart — Vietnam has significant reserves. This could really help India diversify its supply chains. Let's see if the $25 billion target is realistic given current trade levels.
V
Vikram M
Very strategic partnership. Vietnam is a key player in Southeast Asia and has a strong manufacturing base. This will help both countries reduce dependence on certain other nations. But I hope the MoUs lead to real implementation — we've seen too many agreements gather dust. The air connectivity increase is a practical first step.
S
Sarah B
As someone who follows trade economics, the $25 billion target by 2030 seems achievable if both sides remove non-tariff barriers. The pharmaceutical MoU is a big deal — Indian generic drugs could really help Vietnam's healthcare system. Let's hope the Central Bank cooperation means smoother transactions for businesses.
R
Roshni T
This is what we need — diversifying trade partners and not putting all eggs in one basket. Vietnam has been rising economically and culturally too (I love Vietnamese coffee!). But I worry about our trade deficit with ASEAN countries. Need to ensure balanced trade, not just volume. Also, our MSMEs must get a slice of this pie.

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