India and Vietnam deepened their strategic partnership, with Prime Minister Narendra Modi announcing expanded cooperation in critical minerals, rare earths, and energy security. The announcement came during a joint press address with Vietnamese President Tô Lâm. Along with this, India has set an ambitious goal of reaching $25 billion in bilateral trade by 2030, signalling a strong push to scale up economic ties between the two countries.

As part of this growing partnership, both sides signed a total of 13 Memoranda of Understanding (MoUs). These agreements cover a wide range of sectors, including digital technologies, pharmaceutical regulation, tourism, culture, public audit systems, education, and financial systems. The number and diversity of agreements show a broad effort to strengthen cooperation across multiple areas.

Among the key agreements is a partnership between India’s IREL formerly Indian Rare Earths Limited) and Vietnam’s Institute for Technology of Radioactive and Rare Elements. This cooperation focuses on critical minerals and rare earths, which are important for modern industries and energy needs. Another important agreement involves digital payments, with India’s National Payments Corporation of India partnering with Vietnam’s payment network to improve financial connectivity.

Further agreements include collaboration between India’s Central Drugs Standard Control Organisation (CDSCO) and Vietnam’s Drug Administration. This step is expected to strengthen cooperation in drug regulation and improve access to medicines. Cultural ties will also be promoted through a cultural exchange programme planned for 2026 to 2030. In education, partnerships have been formed between institutions such as Nalanda University and Vietnamese universities, aiming to boost academic exchange and collaboration.

Highlighting the economic impact of these agreements, the Prime Minister said that the MoU between drug authorities will improve access to Indian medicines in Vietnam. It will also help make exports of India’s agricultural, fisheries, and animal products smoother. This is expected to support trade growth and strengthen economic links between the two countries.

On financial cooperation, Modi said that the central banks of both nations will work more closely. He added that India’s Unified Payments Interface (UPI) will soon be linked with Vietnam’s fast payment infrastructure. This move is aimed at making digital transactions easier and faster, while also strengthening financial integration between the two economies.

The Prime Minister also spoke about the deep cultural and historical ties between India and Vietnam. He said that the relationship is built on both shared heritage and modern development. Referring to cultural exchanges, he noted that Buddhist relics sent from India were viewed by over 1.5 crore people in Vietnam. He described this as a strong sign of the deep cultural connection between the people of both nations.

On the strategic front, Modi emphasised that Vietnam is an important part of India’s Act East Policy and Vision Ocean. He said that both countries share a similar approach towards the Indo-Pacific region. Expanding defence and security cooperation, he added, will help maintain peace, stability, and a rule-based order in the region. It will also support India’s efforts to strengthen its engagement with the Association of Southeast Asian Nations (ASEAN).

Overall, the developments reflect a clear effort by both India and Vietnam to strengthen their partnership across economic, strategic, and cultural areas. The signing of multiple agreements and the setting of a high trade target underline the growing importance of this relationship in the region.