India and Vietnam Elevates Ties
- 07 May 2026
On 6th May 2026, India and Vietnam agreed to significantly deepen bilateral cooperation and elevate their relationship to an “Enhanced Comprehensive Strategic Partnership” following talks between Prime Minister Narendra Modi and Vietnamese President To Lam in New Delhi.
Key Points
- Trade Target: Both countries set an ambitious bilateral trade target of $25 billion by 2030.
- Wide-Ranging Discussions: Talks covered defence, maritime security, trade, renewable energy, atomic energy, science and technology, space cooperation, and people-to-people exchanges.
- 13 MoUs Signed: The two sides signed 13 Memoranda of Understanding (MoUs) across sectors including digital technology, healthcare, culture, fintech, tourism, and education.
- Rare Earth Cooperation: IREL (India) Limited and Vietnam’s Institute for Technology of Radioactive and Rare Elements agreed to collaborate on rare earth elements and emerging technologies.
- Digital Payments Collaboration: The Reserve Bank of India and the State Bank of Vietnam signed an MoU to strengthen cooperation in digital payments and financial innovation.
- Healthcare Partnership: India’s Central Drugs Standard Control Organization partnered with Vietnam’s Drug Administration to enhance pharmaceutical and medical device regulation cooperation.
- Cross-Border QR Payments: NPCI International Payments Limited and Vietnam’s NAPAS agreed to work toward QR code interoperability for seamless digital transactions.
- Cultural and Educational Ties: Agreements included a Cultural Exchange Programme (2026-2030), preservation of Cham manuscripts, and academic partnerships involving ICCR and Nalanda University.
- Sister-City Agreement: Mumbai and Ho Chi Minh City entered into a sister-city partnership for cooperation in urban management and economic development.
- Agricultural Trade Facilitation: India and Vietnam agreed to facilitate exports of Indian grapes to Vietnam and Vietnamese durians to India.
- Indo-Pacific Cooperation: Vietnam agreed to join the Indo-Pacific Oceans Initiative, strengthening regional maritime collaboration.
- UNESCO Heritage Support: India announced support for establishing a Site Interpretation Centre at the My Son Temple Complex.
- Strategic Significance: The agreements aim to strengthen economic resilience, diversify supply chains, and reinforce stability and cooperation in the Indo-Pacific region.
