Following high-level discussions between Prime Minister Narendra Modi and Vietnamese President To Lam in New Delhi on Wednesday, India and Vietnam upgraded their relationship to a “Enhanced Comprehensive Strategic Partnership.”
Thirteen Memorandums of Understanding (MoUs) and agreements pertaining to banking, digital payments, trade, defense cooperation, and connectivity were signed by the two countries. Additionally, both parties decided to improve cooperation in the areas of supply chain resilience, energy security, rare earths, and essential minerals.
During a joint news conference, Modi stated that the goal of bilateral commerce between Vietnam and India is to reach $25 billion by 2030. He continued by saying that collaboration between drug regulators will facilitate Vietnam’s access to Indian medications and ease exports of fishery and agricultural products between the two nations.
In order to improve financial connectivity, the leaders also announced plans to integrate Vietnam’s quick payment system with India’s Unified Payments Interface (UPI).
According to reports, the talks included defense cooperation and regional security, including potential shipments of BrahMos missiles. Both nations reiterated their dedication to upholding the Indo-Pacific region’s peace, stability, and rule of law.
Source – The Economic Times
