NEW DELHI: India and Vietnam are looking to ramp up bilateral trade to US$25 billion by 2030, Prime Minister Narendra Modi said Wednesday (April 6), following talks with President To Lam in New Delhi.
"Bilateral trade between India and Vietnam has doubled in the last decade and reached $16 billion. Today, we have taken several important decisions to take it to US$25 billion by 2030," Modi said in a speech.
"We will take our cooperation to new hights."
Lam, on his first visit to India as president, said the two countries "will elevate defence and security cooperation" and contribute to "strengthening an environment of peace and stability".
Both sides said the discussions focused on sectors like education, rare earth minerals and digital payment systems, reflecting "the enhanced comprehensive strategic partnership between India and Vietnam", according to Modi.
Lam was earlier accorded a red-carpet welcome at the presidential palace, with Modi standing alongside him as troops marched past in an honour guard parade.
The Vietnamese president kicked off his India trip a day earlier, with a visit to the Buddhist pilgrimage site of Bodh Gaya -- where the Buddha is believed to have attained enlightenment -- in the eastern state of Bihar.
Lam is accompanied by a large business delegation, and is also due to visit India's financial hub Mumbai.
Vietnam has been seeking to enhance economic cooperation with India, with companies such as electric vehicle giant VinFast trying to make inroads into the world's most populous nation.
Indian media had suggested Wednesday's discussions might include a potential $700 million deal for India's long-range BrahMos cruise missiles, but no such announcement was made by either leader.
Lam met India's National Security Advisor Ajit Doval on Tuesday to discuss "strengthening" the partnership between the countries, Delhi's foreign ministry spokesman Randhir Jaiswal said.
On Thursday, Lam will leave for Sri Lanka for a two-day visit that will focus on trade, investment and tourism, Colombo said in a statement. - AFP
