India, Vietnam elevate ties to 'Enhanced Comprehensive Strategic Partnership'

New Delhi: India and Vietnam on Wednesday elevated their ties to an 'Enhanced Comprehensive Strategic Partnership' on the occasion of 10 years of Comprehensive Strategic Partnership and agreed to deepen cooperation in defence and economic sectors following talks between Prime Minister Narendra Modi and Vietnamese President To Lam here.

The two sides signed as many as 13 MoUs and agreements with special focus on banking and digital payment cooperation.

Discussions between the two sides are also understood to have touched upon evolving regional security dynamics and defence industry cooperation, including BrahMos missile sales to Vietnam.


Speaking at a joint press meet after the Summit, Modi said both countries share a common vision for the Indo-Pacific and would continue working together to uphold rule of law, peace, stability and regional prosperity.

He also announced, "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."

"To boost financial connectivity, we decided to enhance cooperation between the central banks of the two countries," he said, adding India's UPI and Vietnam's fast payment system are going to be linked soon.

"Vietnam is a key pillar of India's Act East Policy and Vision Ocean. In the Indo-Pacific region as well, we share a common outlook," Modi said, adding "Through our strengthening defence and security cooperation, we will continue to contribute to the rule of law, peace, stability, and prosperity."

The PM said India will broaden its relations with ASEAN with Vietnam's cooperation. "Very soon, Vietnam will taste India's grapes and pomegranates, and we will taste Vietnam's pomelos. We also agreed to update the India-ASEAN Trade Agreement by the year end. This will give new impetus to trade and investment between India and all ASEAN countries," he added.

The prime minister noted 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."

In his remarks, Lam said both sides agreed to deepen political trust and elevate security cooperation.

Last year, the two sides inked a pact to set up a framework for submarine search, rescue and support mechanism. They also signed a letter of intent (LoI) to strengthen bilateral defence industry collaboration.