India, Vietnam set $25 billion trade target by 2030, sign key MoUs including BrahMos deal

Prime Minister Narendra Modi announced on Wednesday (May 6, 2026) that India and Vietnam have designed a strategic roadmap to bolster bilateral trade to USD 25 billion by 2030. This includes a deal on the BrahMos supersonic missile deal as well. The development will mark a significant expansion in economic and sector-specific cooperation between the two nations.

The announcement came while Prime Minister Modi and the President of Vietnam, To Lam, signed several Memoranda of Understanding (MoUs) at Hyderabad House in Delhi. "We do talk about a number of platforms, and BrahMos is one of them", says P Kumaran, Secretary (East), Indian External Affairs Ministry.

In a joint press conference, PM Modi highlighted the specific measures taken to increase market access and trade volume. "We have taken several important decisions today to take our bilateral trade to $25 billion by 2030. The MoU between our drug authorities will now increase access to Indian medicines in Vietnam. The export of Indian agricultural, fisheries and animal products to Vietnam is also going to become easier," PM Modi stated.

Agricultural partnership

The Prime Minister said the agricultural partnership would soon deliver visible benefits to consumers in both nations. He noted that Vietnam will soon import Indian grapes and pomegranates, while India will receive Vietnamese pomelos. He also mentioned an agreement to update the India-ASEAN Trade Agreement by year-end, boosting trade and investment.

Highlighting forward-looking areas, he added that the partnership is increasingly centred on strengthening supply chains and developing infrastructure. "New initiatives in critical minerals, rare earths, and energy cooperation will ensure the economic security and supply chain resilience of both our countries. Connectivity and capacity building are important pillars of our partnership. We are very happy that air connectivity between the two countries is continuously increasing," he observed.

Both leaders also prioritised closer ties between their respective financial institutions to facilitate smoother economic transactions. "To push financial connectivity, today we have taken the initiative to increase cooperation between our Central Banks," the Prime Minister confirmed. The discussions indicated the growing economic and strategic partnership between India and Vietnam.