Vietnam, India Aim for $25 Billion Trade by 2030 Amid Strong Partnership

Vietnam and India are stepping up cooperation to achieve the ambitious target of raising bilateral trade to $25 billion by 2030, building on their comprehensive strategic partnership upgraded in 2016. Strong determination from both sides is crucial for this goal. Current trade figures indicate significant potential for achieving this objective. Ambassador Trinh Minh Manh highlights that science-technology, innovation, digital transformation, semiconductors, pharmaceuticals, critical minerals, and energy offer huge room for forming new growth drivers, as these areas align with Vietnam's development needs and India's growing strengths. Vietnam currently has 223 investment projects in Cambodia with a total registered capital of nearly $3.4 billion, operating in sectors including agriculture, finance, telecommunications, aviation, processing, trade, and services, underscoring Vietnam's regional economic role. In the electric vehicle (EV) market, VinFast has maintained its leadership in Vietnam for 24 consecutive months, delivering over 20,000 units monthly even during the traditionally slow seventh lunar month (August), demonstrating its strong appeal and market dominance. The development of the Vietnam International Financial Center (VIFC) is considered a strategic task to connect international capital flows with the economy's development needs, foster modern financial services, and create favorable conditions for Vietnamese businesses to engage more deeply in global markets. A 2026 survey revealed that nearly 90% of tourism businesses plan to recruit, with significant recruitment difficulties reported in Ho Chi Minh City. This indicates economic recovery signs alongside labor shortage challenges. The Vietnam-EFTA Free Trade Agreement connects economies with high complementarity. EFTA members possess strengths in technology, innovation, finance, and clean energy, while Vietnam is a dynamic Asian economy and a major regional manufacturing and investment hub. Vietnam is Canada's largest trading partner in ASEAN. Building on the CPTPP, the two countries are expanding economic ties into higher value-added areas like clean energy, critical minerals, advanced technology, and manufacturing. Accelerating public investment disbursement to reach 100% of the allocated plan is a top priority to build momentum for year-end economic activity, ensuring stable growth. The State Bank of Vietnam set the daily reference exchange rate at 25,607 VND/USD on September 14, an increase of 11 VND from the previous week. A central city and a Japanese partner have signed an agreement to boost scientific research cooperation on new materials, recycling materials, and sustainable building materials for green growth, signaling a commitment to eco-friendly development and technological innovation. Exports from Vietnam's leather and footwear sector reached over $2.45 billion in August, down 9% from July but up 3% year-on-year, reflecting market fluctuations alongside signs of recovery. Vietrade's programs help businesses gain market information, identify partners, and understand requirements, enabling them to adapt products and develop effective export strategies. As localities sharpen their competitive edges in logistics, semiconductors, and advanced technology, the national economy benefits from a more resilient ecosystem built on regional synergies. A key goal of the GoGlobal Programme (2026-2030) is to promote Vietnamese products by building stronger brands, increasing competitiveness, and establishing a lasting international presence, moving beyond raw exports. Source: VietnamPlus English