India and Vietnam have set an ambitious target of achieving bilateral trade worth $25 billion by 2030, Prime Minister Narendra Modi announced after talks with Vietnamese President To Lam in New Delhi. The announcement came during To Lam’s first official visit to India, where both countries agreed to elevate their relationship to an “Enhanced Comprehensive Strategic Partnership”.
The two nations also discussed expanding cooperation in critical minerals, rare earths, energy security, and supply chain resilience. Modi emphasised that the partnership would strengthen economic security for both countries amid global geopolitical uncertainties and shifting supply chains. Trade between India and Vietnam crossed $16 billion during the Indian fiscal year ending March 2026, reflecting rapid growth in bilateral economic engagement.
Apart from trade, discussions also covered digital payments, technology, defence cooperation, and regional stability in the Indo-Pacific region. Vietnam has emerged as one of India’s key ASEAN partners, while India remains an important strategic and economic ally for Hanoi. Analysts believe the new roadmap could deepen connectivity and diversify supply chains across Asia.
