India eyes $25 bn trade with Vietnam by 2030 with focus on minerals

India and Vietnam have significantly expanded their strategic partnership, with Prime Minister Narendra Modi announcing cooperation in critical minerals, rare earths, and energy security during a joint press interaction with Vietnamese President Tô Lâm. Modi also set an ambitious target of $25 billion in bilateral trade by 2030, signalling a major scale-up in economic engagement.

A total of 13 Memoranda of Understanding (MoUs) were signed between the two sides, covering a wide range of sectors including digital technologies, pharmaceuticals regulation, tourism, culture, public audit systems, education, and financial systems.

Key agreements include cooperation between India’s IREL and Vietnam’s Institute for Technology of Radioactive and Rare Elements, as well as partnerships in digital payments between National Payments Corporation of India and Vietnam’s payment network.


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Other agreements include collaboration in drug regulation between CDSCO and Vietnam’s Drug Administration, cultural exchange programmes for 2026–30, and academic partnerships involving institutions such as Nalanda University and Vietnamese universities.
Highlighting the economic impact, the Prime Minister said that the MoU between drug authorities will improve access to Indian medicines in Vietnam, while also enabling smoother exports of India’s agricultural, fisheries, and animal products.

On financial connectivity, Modi said central banks of both countries will deepen cooperation, adding that India’s UPI system will soon be linked with Vietnam’s fast payment infrastructure, strengthening digital payments integration.
Underscoring the civilisational ties, the Prime Minister said India–Vietnam relations rest on both heritage and development. He noted that Buddhist relics sent from India were viewed by over 1.5 crore people in Vietnam, describing it as a reflection of deep cultural connect.

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On the strategic front, Modi said Vietnam remains a key pillar of India’s Act East Policy and Vision Ocean, adding that both countries share a common outlook in the Indo-Pacific region. He emphasised that expanding defence and security cooperation will contribute to regional peace, stability, and a rule-based order, while also helping India deepen engagement with ASEAN.