New Delhi, May 7: During the visit of Vietnamese President To Lam to India, the relationship between the two nations has been elevated to an ‘advanced comprehensive strategic partnership.’ The PHD Chamber of Commerce and Industry (PHDCCI) stated on Thursday that this development will provide India with improved access to essential raw materials, significantly benefiting exports, investments, and GDP growth in the long run.
PHDCCI President Rajeev Juneja emphasized that this bilateral partnership lays a robust framework for strengthening supply chains, manufacturing collaboration, digital connectivity, and technological partnerships.
He noted that the new bilateral agreements align with India’s initiatives such as ‘Make in India,’ ‘Digital India,’ the expansion of pharmaceutical exports, the development of the semiconductor and electronics ecosystem, and the diversification of critical mineral supply chains.
Collaboration on rare and critical minerals will enhance India’s access to essential resources for electric vehicles, semiconductors, electronics, renewable energy, and defense manufacturing. This will promote supply security and advanced manufacturing.
In the pharmaceutical sector, regulatory cooperation will provide Indian generic drugs and medical devices with better market access, building on their existing competitive advantage.
Moreover, technical collaboration in electronics, semiconductors, AI, and IT services will strengthen India’s role in the global digital value chain.
Sectors such as agricultural exports, tourism, aviation, urban infrastructure, and smart city development are also expected to benefit from this partnership, leading to increased employment opportunities.
PHDCCI Secretary General and CEO Dr. Ranjit Mehta stated that the outcomes of this visit further bolster India’s ‘Act East Policy’ by expanding strategic cooperation with Southeast Asian nations.
He added that enhanced collaboration with Vietnam will strengthen connectivity, trade resilience, and long-term industrial partnerships in key sectors.
Under the new strategic partnership, both countries have set a target to increase bilateral trade to $25 billion by 2030. During the President’s visit, several memorandums of understanding were signed in various areas, including rare minerals, digital payments, the pharmaceutical industry, electronics, tourism, culture, urban development, education, and technical cooperation.
A joint statement issued after talks between Prime Minister Narendra Modi and President To Lam indicated that both countries will facilitate market access for agricultural products such as Indian grapes and pomegranates, as well as Vietnamese durians and pomelos.
Vietnam has expressed its commitment to import more products from India to diversify its supply sources and meet domestic production and export needs.
Both parties agreed to explore measures to create a conducive regulatory environment, including standard compliance certification, to facilitate business operations for companies in both nations.
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DBP
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