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India-Vietnam Finance Ministers Discuss Global Economy and Geopolitical Challenges

Union Finance Minister Nirmala Sitharaman and Vietnam's Finance Minister Ngo Van Tuan held talks in New Delhi on Wednesday. They discussed ways to deepen cooperation in technology, innovation, energy, and pharma amid global economic and geopolitical challenges. Vietnam expressed interest in learning from India's tax reforms and MSME development. The meeting reaffirmed the commitment to strengthen the India-Vietnam Comprehensive Strategic Partnership.

Key Points: India, Vietnam Finance Ministers Talk Global Economy, Geopolitics

  • Talks held on global economy and geopolitical challenges
  • Vietnam keen on cooperation in tech, energy, pharma
  • Sitharaman highlights India's tax reforms, MSME support
  • Both sides reaffirm commitment to deepen Comprehensive Strategic Partnership
2 min read

Sitharaman, Vietnam Finance Minister exchange views on global economy, evolving geopolitical challenges

Nirmala Sitharaman and Ngo Van Tuan discuss deepening cooperation in tech, energy, pharma amid global economic and geopolitical challenges.

"Vietnam side expressed keen interest in deeper cooperation in technology, innovation, energy and pharma sectors. - Finance Ministry"

New Delhi, May 6

Union Finance Minister Nirmala Sitharaman on Wednesday held talks with Vietnam's Finance Minister Ngo Van Tuan in New Delhi, with both sides discussing ways to deepen cooperation in technology, innovation, energy, and pharma amid evolving global economic and geopolitical challenges.

Welcoming 10 years of the India-Vietnam Comprehensive Strategic Partnership, and noting its continued strengthening and enhancement, the two ministers exchanged views on the global economy and evolving geopolitical challenges, discussing ways to enhance resilience and stability. Vietnam side expressed keen interest in deeper cooperation in technology, innovation, energy and pharma sectors.

According to a post by Finance Ministry on X, Sitharaman appreciated Vietnam's strong macroeconomic management and ongoing institutional reforms, reflected in its improved credit outlook and rising competitiveness, enhancing resilience and integration into global value chains.

Ngo Van Tuan appreciated India's strong macroeconomic leadership and expressed keen interest in learning from India's experience, particularly tax reforms, development of MSMEs, and the role of public investment in driving growth.

The Union Finance Minister highlighted India's support to the MSME sector, including direct and indirect tax reforms, interest subventions, public procurement policies, and AI skilling initiatives for workforce development. She also underlined India's efforts to modernise and simplify tax administration, noting that faceless assessments and technology-driven systems have enhanced transparency.

The Finance Minister also outlined the PM Gati Shakti platform as an integrated, technology-enabled framework for infrastructure development, with Viet Nam showing interest in the approach.

The Union Finance Minister also fondly recalled her visit to Viet Nam during her tenure as Defence Minister, underscoring the strong and warm ties between the two countries.

The meeting reaffirmed the shared commitment to further deepen the India-Vietnam Comprehensive Strategic Partnership and expand cooperation across key sectors.

Vietnam President To Lam is on a three-day visit to India. He is accompanied by a high-level delegation comprising several Ministers and senior officials. A strong business delegation is also accompanying the visiting leader.

President To Lam held a bilateral meeting with Prime Minister Narendra Modi on Wednesday.

- ANI

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Reader Comments

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Priya S
I am cautiously optimistic. While the talks on tech, energy, and pharma sound promising, I hope these translate into actual trade numbers and not just MOUs. Vietnam is a manufacturing hub; India should learn from their textile and electronics success too. Still, any step to counterbalance China's influence is welcome.
R
Rohit P
Excellent diplomacy by FM Sitharaman. Highlighting faceless tax assessments and AI skilling for MSMEs shows we are thinking modern. Vietnam's appreciation of our macroeconomic management is a big deal—they are an ASEAN success story themselves. More such partnerships, less rhetoric. Solid work!
J
James A
Impressive exchange. Vietnam's interest in India's tax reforms and public investment strategy indicates they see India as a stable partner in a volatile global economy. The mention of geopolitical challenges suggests both nations are aligning on issues like the South China Sea. Positive step for regional stability.
K
Kavya N
Nice to see the personal touch—FM recalling her visit to Vietnam as Defence Minister. These human elements build trust. But I hope the business delegation accompanying the President doesn't just sign vague deals. We need concrete outcomes on pharma and energy supply chains. Time for action, not just photo-ops. 🤔

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