PR No – 121
6th May
New Delhi
India–Vietnam Relations Elevated to Enhanced Comprehensive Strategic Partnership, says PHDCCI
New Delhi, May 6, 2026:
The visit of the President of the Socialist Republic of Vietnam to India marks a major achievement in bilateral relations, with ties elevated to Enhanced Comprehensive Strategic Partnership with the new bilateral trade target of USD 25 billion by 2030 said Mr. Rajeev Juneeja, President, PHDCCI.
The visit resulted in the signing of multiple Memoranda of Understanding (MoUs), with strategic partnerships across sectors including rare earths, digital payments, pharmaceuticals, electronics, tourism, culture, urban development, education, and technology cooperation, he added.
The outcomes are expected to deepen economic integration between the two fast-growing Asian giants which will generate substantial long-term benefits for both Indian and Vietnamese industry, exports, investments, and GDP growth.
This creates a stronger framework for supply-chain resilience, manufacturing cooperation, digital connectivity, and technology partnerships. The agreements align with India’s initiatives of “Make in India”, Digital India, pharmaceutical exports expansion, semiconductor and electronics ecosystem development, and diversification of critical mineral supply chains he added.
Cooperation in rare earths and critical minerals will strengthen India’s access to critical inputs required for electric vehicles, semiconductors, electronics, renewable energy, and defence manufacturing, supporting supply-chain security and advanced manufacturing growth.
Regulatory cooperation in pharmaceuticals will improve market access for Indian generic medicines and medical devices in which we have significant competitive advantage. Further, technology cooperation in electronics, semiconductors, AI, and IT services will strengthen India’s role in global digital value chains.
Additionally, gains will also accrue to agricultural exports, tourism, aviation, urban infrastructure, and smart city development, generating opportunities for employment creation across multiple sectors.
The outcomes of the visit reinforces India’s “Act East Policy” by expanding strategic engagement with Southeast Asian countries. Enhanced cooperation with Vietnam is expected to improve connectivity, trade resilience, and long-term industrial partnerships across critical sectors said Dr. Ranjeet Mehta, SG & CEO, PHDCCI.