Enhanced Comprehensive Strategic Partnership
India and Vietnam have elevated their bilateral ties with an Enhanced Comprehensive Strategic Partnership on the 10th anniversary of their Comprehensive Strategic Partnership.
Key Agreements and MoUs
- 13 Memorandums of Understanding (MoUs) and agreements were signed, emphasizing banking and digital payment cooperation.
- Focus on increasing bilateral trade to $25 billion by 2030.
- Agreement to link India's UPI with Vietnam's fast payment system to enhance financial connectivity.
Economic and Defence Cooperation
The discussions included:
- Potential sales of BrahMos missiles to Vietnam.
- Cooperation in defence industry as part of regional security dynamics.
- Efforts to increase access to Indian medicines in Vietnam.
- Facilitation of export of Indian agricultural, fisheries, and animal products.
Regional and Global Outlook
Prime Minister Modi emphasized:
- Shared vision for the Indo-Pacific region.
- Commitment to uphold rule of law, peace, stability, and prosperity.
- Strengthening relations with ASEAN through Vietnam’s cooperation.
Infrastructure and Supply Chain Focus
Efforts will be made to enhance:
- Supply chain stability and infrastructure development.
- New initiatives in critical minerals, rare earths, and energy cooperation for economic security.
- Connectivity and capacity building as key partnership pillars.
Additional Cooperation
- Air connectivity between the two countries is set to increase.
- Last year, an agreement for a submarine search, rescue, and support framework was signed.
- A letter of intent was signed to bolster bilateral defence industry collaboration.
