India and Vietnam set US$25 billion trade target by 2030

India and Vietnam have agreed on a strategic roadmap to increase bilateral trade to US$25 billion by 2030, marking a major step in expanding economic cooperation, as reported by ANI, a partner of TV BRICS.

The announcement was made by Prime Minister Narendra Modi following talks in New Delhi with Vietnam’s President To Lam. The two leaders oversaw the exchange of multiple agreements aimed at improving market access and deepening sectoral collaboration.

Modi said the new measures would facilitate greater access for Indian pharmaceuticals to the Vietnamese market and simplify exports of agricultural, fisheries, and animal products. The agreements are also expected to expand the range of goods available to consumers in both countries, reflecting a growing integration of their food and agricultural sectors.

Both sides confirmed plans to update the India–ASEAN Free Trade Agreement by the end of the year, a move expected to boost trade and investment flows not only between India and Vietnam but across the wider ASEAN region.

The partnership is increasingly focused on future-orientated sectors, including critical minerals, rare earths and energy cooperation. These areas are seen as essential for ensuring long-term economic security and building more resilient supply chains amid global uncertainty.

"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 India and Vietnam is continuously increasing. To push financial connectivity, today we have taken the initiative to increase cooperation between our Central Banks"

Narendra Modi Prime Minister of India

Connectivity and capacity building were also highlighted as key pillars of bilateral relations. Expanding air links between the two countries is expected to further support trade, tourism and business engagement.

In addition, the two nations agreed to enhance cooperation between their central banks to strengthen financial connectivity and facilitate smoother cross-border transactions.

Analysts note that the agreement reflects the growing strategic alignment between India and Vietnam, positioning both countries as key partners in regional economic integration.