New Delhi, May 6: India and Vietnam have agreed to strengthen their economic ties, aiming to boost bilateral trade to $25 billion by 2030. This announcement was made in a joint statement released on Wednesday following discussions between Prime Minister Narendra Modi and Vietnamese President Vo Van Thuong during his official visit to India.
The joint statement emphasized the commitment of both nations to enhance cooperation at both government and industry levels. This collaboration aims to increase trade, investment, and technological partnerships between the rapidly growing economies.
Both countries also agreed to facilitate market access for various agricultural products, including India’s grapes and pomegranates, as well as Vietnam’s durians and pomelos.
Vietnam expressed its commitment to diversify its supply sources by increasing imports from India to meet domestic production and export needs. The two sides discussed creating favorable regulations to ease business operations and simplify compliance with standards for companies.
Leaders stressed the importance of promptly completing the review of the ASEAN-India Trade in Goods Agreement (AITIGA) to ensure it aligns with current global trade dynamics and benefits both parties.
The statement noted that both nations agreed to increase investments in sectors such as high technology, transportation, manufacturing, logistics, renewable energy, smart agriculture, electric vehicles, information technology, health, agro-processing, aquaculture, tourism, and hospitality.
Additionally, they emphasized strengthening ties between their respective startup ecosystems and enhancing collaboration between innovation centers.
India and Vietnam also agreed to enhance cooperation in oil and gas exploration, including the participation of Indian companies in the development of new wells, in accordance with Vietnamese laws and international regulations.
Given the growing significance of e-commerce and the digital economy, both countries highlighted the need for policy cooperation to enhance collaboration in these areas and connect small and medium enterprises (SMEs) to global value chains.
According to the statement, both leaders reiterated the importance of digital technologies and welcomed the agreement between the Reserve Bank of India and the State Bank of Vietnam on digital payments and financial innovation. They agreed to connect QR code-based payment platforms to boost tourism and trade.
Both sides also agreed to enhance cooperation in fields such as digital public infrastructure, 6G, artificial intelligence, space and nuclear technology, marine science, biotechnology, pharmaceuticals, advanced materials, and critical minerals.
Leaders emphasized the need for increased collaboration in clean and renewable energy and disaster-resilient technologies, considering climate change, sustainable development goals, and energy transition.
They expressed satisfaction with ongoing cooperation in the peaceful use of nuclear energy and agreed to strengthen this collaboration in the future.
Leaders welcomed the progress in establishing ASEAN-India tracking, data reception stations, and data processing facilities in Vietnam and stressed the need for timely completion.
The statement further noted that both countries welcomed the agreement between IREL (India) Limited and Vietnam’s Institute of Radioactive and Rare Elements, VINATOM, for cooperation in the rare earth minerals sector and emphasized its swift and complete implementation.
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