Vietnam, India set 25 billion USD trade goal

Vietnam and India agreed to make better use of complementary strengths, ease market access difficulties and facilitate business activities toward achieving the 25 billion USD bilateral trade target.

Minister of Foreign Affairs Le Hoai Trung (Photo published by VNA)
Minister of Foreign Affairs Le Hoai Trung (Photo published by VNA)

New Delhi (VNA) – Politburo Member and Minister of Foreign Affairs Le Hoai Trung and Indian Minister of External Affairs Subrahmanyam Jaishankar co-chaired the 19th session of the Vietnam - India Joint Commission Meeting on Trade, Economic, Scientific and Technological Cooperation.

Trung congratulated India on the successful hosting of the 18th BRICS Summit. He thanked the Indian Government and the Ministry of External Affairs for their warm reception extended to General Secretary of the Communist Party of Vietnam Central Committee and President To Lam during his highly successful State visit in May 2026, as well as to Prime Minister Le Minh Hung and the Vietnamese delegation during their successful working trip to India for the BRICS Summit and bilateral activities.

Vietnam values its traditional friendship with India, he said, stressing that upgrading ties to an Enhanced Comprehensive Strategic Partnership signals a high level of political trust and strategic convergence and opens a new chapter in bilateral relations.

He briefed the Indian host on Vietnam’s situation, saying that shared development aspirations create room to expand cooperation across multiple areas.

Jaishankar, for his part, congratulated Vietnam on its socio-economic gains and foreign policy.

India always attaches importance to consolidating and developing its traditional friendship with Vietnam, he said, calling Vietnam a key pillar of India’s Act East policy and Indo-Pacific vision, with an important role in ASEAN-India relations.

He said Vietnam is also an important BRICS partner and praised PM Hung and the Vietnamese delegation’s attendance at the BRICS Summit.

Both sides reviewed progress since the 18th session in Hanoi in October 2023 and agreed to coordinate on high-level commitments, clear obstacles, and drive cooperation schemes, projects and activities for effective, tangible results and timely progress.

They pledged to maintain all-level exchanges through Party, State, parliamentary and people-to-people channels, and effectively uphold dialogue mechanisms to build political trust and mutual understanding.

They also promised close coordination in preparing for activities marking the 55th anniversary of diplomatic ties in 2027, including considering designating 2027 as a friendship year and holding cultural and people-to-people exchanges.

On national defence-security, they committed to more delegation exchanges, dialogues and consultations, and an early first Foreign Affairs-Defence 2+2 Dialogue. They will launch training, technology transfer and capacity building, while boosting cooperation against transnational crime and cybersecurity.

Both sides will also maintain maritime security dialogue and expand maritime cooperation in areas of mutual interest.

On economy, trade and investment, they pledged to make better use of complementary strengths, ease market access difficulties and facilitate business activities toward achieving the 25 billion USD bilateral trade target.

Jaishankar proposed that Vietnam facilitate market access for Indian-origin pharmaceuticals, fruits, meat and other goods, and maintain cooperation in oil and gas exploration and production.

Trung agreed that both sides will continue discussions at the 2026 meeting of the Subcommittee on Bilateral Trade Cooperation on specific technical issues and market access procedures. He welcomed Indian investment in infrastructure, pharmaceuticals, energy and other sectors with a long-term vision in Vietnam.

Host and guest praised the role of infrastructure, logistics and air connectivity in expanding economic cooperation. They agreed on more direct flights, road and rail links, stronger seaport connectivity tied to the Asia-Europe shipping route, and early two-way QR-code retail payment connectivity.

On science-technology, they agreed to convene subcommittees on sci-tech and digital technology cooperation soon. Trung suggested a long-term cooperation strategy focused on strategic and emerging technologies, joint research projects, and stronger links among research institutes, universities, businesses and innovation ecosystems.

They vowed to leverage historical, cultural and religious ties to fuel culture, tourism and people-to-people exchanges. They also agreed to advance consular consultation mechanisms and increase two-way tourist flows.

India affirmed that it will continue supporting the preservation and restoration of Cham tower complexes in central Vietnam and provide short-and long-term scholarships for Vietnamese students. Vietnam agreed to encourage students to study in India and is ready to welcome Indian students to study Vietnamese.

On global and regional issues, both ministers affirmed close coordination and mutual support at the United Nations and other multilateral forums. Jaishankar welcomed Vietnam’s sponsorship of a pillar of the Indo-Pacific Oceans Initiative (IPOI) and affirmed India’s support for ASEAN centrality and ASEAN-led mechanisms. He urged Vietnam to work closely with ASEAN members to accelerate completion of the ASEAN-India Trade in Goods Agreement (AITIGA) review.

Later, the two ministers signed the minutes of the session./.

VNA

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