India and Vietnam on Wednesday upgraded their bilateral ties to an “Enhanced Comprehensive Strategic Partnership”
After wide-ranging talks between Prime Minister Narendra Modi and Vietnamese President Tô Lâm in New Delhi. The two countries also unveiled a roadmap to boost bilateral trade to $25 billion by 2030, up from nearly $16.46 billion recorded in the 2025-26 financial year.
Meeting at Hyderabad House, the leaders underlined their shared vision for a stable, free and open Indo-Pacific region and agreed to deepen cooperation in trade, defence, technology, connectivity and critical infrastructure. Modi said the new framework would elevate the partnership to “higher goals” as both countries expand their strategic engagement in Asia.
As part of the upgraded relationship, India and Vietnam signed 13 agreements spanning finance, digital payments, rare earth minerals, energy and technology. A major agreement between the Reserve Bank of India and the State Bank of Vietnam aims to enable QR-code based payment connectivity, making cross-border retail transactions easier for businesses and tourists.
The two sides also agreed to strengthen collaboration in rare earth supply chains, a sector considered critical for semiconductors, electric vehicles and advanced manufacturing. Officials said the partnership would help both countries build resilient technology ecosystems amid growing global competition over strategic resources.
Defence cooperation emerged as another major pillar of the talks. India and Vietnam agreed to expand maritime security engagement, defence production and procurement partnerships, while also exploring cooperation in areas such as space technology, peaceful nuclear energy and 6G telecommunications.
The development is being seen as a major push to India’s “Act East” strategy and Vietnam’s growing role as a manufacturing and strategic hub in Southeast Asia, with both nations seeking closer alignment on economic growth and regional security.
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