India, Vietnam Deepen Relations with Multiple MoUs; Aim at $25 Bn Bilateral Trade By 2030

India and Vietnam entered into multiple agreements during the India visit of President of Vietnam To Lam. The two countries have also agreed to increase their bilateral trade to USD 25 billion by 2030.

India and Vietnam have signed as many as 13 memoranda of understanding (MoUs) across sectors ranging from health, education, culture, and science and technology, among others.

“…Bilateral trade between India and Vietnam has doubled over the past decade, reaching USD 16 billion. Today, we have taken several important decisions to raise this to USD 25 billion by 2030. An MoU between our drug authorities will enhance access for Indian pharmaceuticals in Vietnam. Exports of India’s agricultural, fisheries, and animal products to Vietnam will also become more streamlined. Very soon, Vietnam will enjoy Indian grapes and pomegranates, and we will, in turn, savour Vietnam’s durian and pomelo,” Prime Minister Narendra Modi said following the meeting with the Vietnamese president.

The visit comes amid deepening ties between India and Vietnam, especially people-to-people connections. According to reports, nearly 750,000 Indian tourists visited Vietnam in 2025, marking an increase of nearly 50% compared to the previous year.

Separately, Vietnamese tech companies are also making inroads in the Indian market. Most notably, EV maker VinFast, part of one of the country’s largest conglomerates, entered India last year. The company also operates a major manufacturing hub in Thoothukudi, Tamil Nadu.

Just last month, Vingroup signed an MoU with the Maharashtra government to explore USD 6.5 billion in investments. These investments are expected to cover areas such as urban development, electric mobility, renewable energy, and public infrastructure in the state, according to Reuters.

Moreover, Indian investors had more than 500 active projects in Vietnam with a capital of nearly USD 1.117 billion, according to Vietnam Briefing reports. India also ranks 26th among countries investing in Vietnam, the report added.

As of March 2026, Indian investors had 503 active projects in Vietnam with total registered capital of approximately US$1.117 billion, ranking India 26th among 154 countries and territories investing in Vietnam.

As mentioned above, the two nations have entered into multiple agreements; there has also been an emphasis on science and technology and related areas.

First is the MoU between the Reserve Bank of India and the State Bank of Vietnam on financial innovation and digital payments. They agreed to promote linkages for retail payment platforms via QR Codes that would facilitate tourism and businesses on both sides. Also, the MoU between India’s NPCI and the National Payment Corporation of Vietnam strives to set up institutional linkages on cross-border QR code interoperability to enable payments.

The leaders also agreed to expand collaboration and partnerships in emerging technology areas such as Digital Public Infrastructure, 6G, Artificial Intelligence, space and nuclear technology, marine sciences, biotechnology, pharmaceuticals, advanced materials, and critical minerals.

The IREL (India) Limited and the Institute for Technology of Radioactive and Rare Elements (VINATOM) have also signed an MoU on mutual cooperation in the field of rare earths, and emphasized its early and full implementation.