New Delhi [India], May 6 (ANI): Prime Minister Narendra Modi on Wednesday announced that India and Vietnam have formalised a strategic roadmap to elevate bilateral trade to USD 25 billion by 2030, marking a significant expansion in economic and sector-specific cooperation between the two nations.

The announcement came as Prime Minister Modi and the President of Vietnam, To Lam, witnessed the exchange of several Memoranda of Understanding (MoUs) at Hyderabad House in Delhi.

Delivering a joint press statement, the Prime Minister highlighted the specific measures taken to enhance 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.

The Prime Minister further noted that the agricultural exchange would soon yield tangible results for consumers in both countries. 'Very soon, Vietnam will taste India's grapes and pomegranates, and we will taste Vietnam's pomelos. Not only this, but we also agreed to update the India-ASEAN Trade Agreement by the end of the year. This will give new impetus to trade and investment between India and all ASEAN countries,' he added.

Focusing on future-ready sectors, the Prime Minister emphasised that the partnership is increasingly focused on supply chain stability and 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.

To facilitate smoother economic transactions, the two leaders also prioritised closer ties between their respective financial institutions. 'To push financial connectivity, today we have taken the initiative to increase cooperation between our Central Banks,' the Prime Minister confirmed.

The discussions reflected the growing economic and strategic partnership between India and Vietnam. (ANI)