India, Vietnam Finalise Trade Roadmap, Target $25 Billion By 2030

India and Vietnam have upgraded their relationship to an Enhanced Comprehensive Strategic Partnership and set a new target of $25 billion in bilateral trade by 2030.

The announcement came during Vietnamese leader To Lam’s state visit to India on May 6, after talks with Prime Minister Narendra Modi in New Delhi.

Official Indian readouts said the two sides also signed or exchanged a series of agreements covering rare earth elements, digital technology, pharmaceuticals, cultural exchange and other areas of cooperation.

India’s Press Information Bureau said the outcomes include the new trade goal and a broader package of cooperation measures. The joint statement also reflects a deeper strategic alignment between the two countries, including work on defence, security, maritime cooperation and the Indo-Pacific.

Vietnamese state media reported the same elevation in ties and said the two sides witnessed the exchange of several deals during the visit.

The trade target gives the upgrade a concrete economic benchmark and sets a deadline for both sides to expand commerce over the next few years.