India, Vietnam agree on new $25 billion trade target, eye nuclear coop

India and Vietnam have set a new trade target of USD 25 billion to be achieved by 2030. India also thanked Vietnam for the invitation to participate in the country's nuclear power sector, MEA Secretary (East), P Kumaran, informed.

As India and Vietnam continue to deepen their engagements, MEA Secretary (East), P Kumaran, informed today that the two countries have agreed upon setting a new trade target of USD 25 billion to be achieved by 2030. India has also thanked Vietnam for the invitation to participate in the country's nuclear power sector. "We (India, Vietnam) agreed that a new trade target of $25 billion would be set for achieving by 2030," Kumaran said during a special press briefing on the visit of Vietnam's President To Lam to India in the national capital on Wednesday.

Economic and Strategic Agreements

Speaking about the MoUs signed between the two countries, Kumaran said that the MOU between RBI and State Bank of Vietnam will be an important collaboration project in FinTech and the MOU on cooperation in rare earth minerals underscores the importance both sides attach to supply chain resilience and diversification.

"India also thanked Vietnam for its invitation to participate in Vietnam's nuclear power sector", he informed.

Highlighting that the defence cooperation was acknowledged as a key pillar of the bilateral relationship, both sides agreed to further strengthen defence industry cooperation. "We are also exploring the establishment of a two-plus-two dialogue mechanism between foreign and defense ministries together on both sides to further deepen our strategic cooperation", he said.

Expanding Cooperation in Key Sectors

"The cross-border connectivity of digital payments will greatly benefit tourists and businesses. The MOU between CDSCO and Drug Administration of Vietnam will facilitate market access for our pharmaceutical companies and help ensure access to affordable and quality Indian medical products for the people of Vietnam", Kumaran said at the special briefing.

On the front of agriculture, Indian farmers will be able to access the Vietnam market for Indian grapes and similarly, Vietnam would be able to Vietnamese Durian to India.

Strengthening People-to-People and Overall Ties

Underlining the longstanding ties between the two countries, Secretary (East) said that India and Vietnam have agreed to renew the cultural exchange program for 2026-2030.

The state visit of President of Vietnam To Lam to India saw 18 outcomes, comprising of 13 Memorandums of Understanding (MoUs) and five announcements seeking to deepen bilateral ties.

As per a statement by the Ministry of External Affairs, the announcements comprised the elevation of bilateral ties to Enhanced Comprehensive Strategic Partnership. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)