India-Vietnam Cooperation Targets $25 Billion Bilateral Trade by 2030
E-commerce, IT, semiconductors and food processing identified as potential areas for expanding economic ties
India and Vietnam are looking to deepen economic cooperation and expand bilateral trade to $25 billion by 2030, with e-commerce, information technology, semiconductors, food processing, textiles, manufacturing and digital technologies identified as areas with scope for further collaboration.
The discussions took place at the Vietnam-India Business Connect organised by MVIRDC World Trade Center Mumbai, which hosted a 20-member business delegation from Vietnam. The programme brought Vietnamese and Indian businesses together for discussions on trade, investment, technology, sourcing, logistics and digital commerce.
H.E. Le Quang Bien, Consul General of Vietnam in Mumbai, said:
“India and Vietnam are entering a new phase of economic cooperation. Mumbai and Ho Chi Minh City, as major economic centres of our respective countries, can play an important role in strengthening this partnership. Connectivity between our countries has expanded significantly over a short span of time showing the willingness on both the sides to expand cooperation. However, considerable potential remains to be realised. Delegations like this are channels to harness the business potential between both the countries”
Focus on Emerging Sectors
Mr. Bui Trung Thuong, Trade Counsellor and Head of the Vietnam Trade Office in New Delhi, India, said India and Vietnam share complementary development ambitions and can collaborate in areas such as artificial intelligence, information technology, textiles, food processing and advanced manufacturing.
He said:
“India and Vietnam should create more centres of cooperation in emerging sectors and encourage companies from both countries to develop integrated supply chains. Vietnam's position at the heart of ASEAN and its extensive network of free trade agreements can provide Indian businesses with access to markets well beyond Vietnam.”
He also highlighted the potential for a Vietnam–India industrial ecosystem, cooperation between food-processing hubs and integration of digital payment systems to facilitate cross-border commerce, including possibilities around India's UPI ecosystem.
Bilateral Trade and Manufacturing Cooperation
Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries, said bilateral trade had reached nearly $16.5 billion, while noting that there was further scope for cooperation.
“India and Vietnam have built a strong relationship based on mutual trust, growing trade and shared economic aspirations. Bilateral trade has reached nearly USD 16.5 billion, but this is only a fraction of our true potential. We must now move towards deeper partnerships in manufacturing, semiconductors, electronics, digital technologies, logistics and food processing. Greater business-to-business engagement, joint ventures and investment can take our economic partnership to the next level,”
Dr. Kalantri further said:
“The strong complementarities between the two economies should be utilized to double trade in the coming years. As a competitive South Asian Giant, India is keen to learn many things like special SEZs for manufacturing. Such Vietnam specific parks should be set up in India to boost manufacturing competitiveness and prowess”.
Digital Commerce and MSME Cooperation
Mr. Tran Trong Tuyen, Chairman of the Vietnam E-Commerce Association (VECOM), identified three priorities for strengthening bilateral digital commerce: expanding two-way trade, helping businesses access each other's markets through e-commerce, and enabling MSMEs to use digital platforms.
He also highlighted the need for greater interoperability between payment platforms and software solutions operating across both markets.
Mr. Pham Son Tung, Vice Chairman, HGI Investment, highlighted the role of direct connectivity and Vietnam's expanding digital economy.
“We need more connections and more business between India and Vietnam. E-commerce today is not merely online shopping; it encompasses technology, logistics, software, digital payments and cross-border commerce. When India's capabilities in technology and digital payments are combined with Vietnam's manufacturing base and digital ecosystem, we can create businesses capable of serving markets globally.”
MoU Signed for Digital Trade Cooperation
The programme also saw MVIRDC World Trade Center Mumbai and All India Association of Industries (AIAI) sign a Memorandum of Understanding (MoU) with HGI Investment and Development Joint Stock Company.
The MoU is aimed at strengthening cooperation, facilitation and promotion of digital trade for MSMEs in India and Vietnam.
The event brought together the Vietnamese business delegation and Indian enterprises for B2B interactions, with discussions covering e-commerce, manufacturing, sourcing, technology, logistics, consumer products and investment.
Capt. Somesh Batra, Vice Chairman, MVIRDC World Trade Center Mumbai, proposed the Vote of Thanks and said:
“India and Vietnam share a relationship built on trust, friendship and growing economic cooperation. Today’s discussions have demonstrated that there is considerable scope to take this partnership beyond traditional trade towards technology, e-commerce, manufacturing, logistics, investment and stronger MSME linkages.”