Vietnam Prime Minister Pham Minh Chinh Wednesday called for stronger economic cooperation between Vietnam and India, setting an ambitious target of $20 billion in bilateral trade.

Speaking at the Vietnam-India Business Forum, organised by FICCI and the Embassy of Vietnam, he outlined Vietnam’s economic achievements and invited Indian businesses to invest in strategic sectors such as infrastructure, digital technology, and pharmaceuticals.

PM Chinh emphasised the longstanding friendship between Vietnam and India, dating back to 2,000 years. He highlighted upgrading bilateral relations to a comprehensive strategic partnership, which, he said, has “opened up a new space for cooperation across the board.”

The visiting leader emphasised Vietnam’s foreign policy of independence, self-reliance, and multilateralism, stating that the country aims to be “a good friend and reliable partner of all countries around the world, and a responsible member of the international community”.

He invited Indian businesses to invest liberally in Vietnam, particularly in semiconductors, science and technology, innovation, digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology sectors.

He noted that Vietnam currently sources 33% of its pharmaceuticals from India and expressed interest in establishing “a proper pharmaceutical ecosystem in Vietnam to help protect the health and life of our people.”
PM Chinh also called for Indian businesses to facilitate Vietnamese companies’ integration into their supply chains and urged Indian businesses to consider Vietnam to be a strategic destination.

The Vietnamese PM arrived here on Tuesday night on a three-day state visit to India at the invitation of Prime Minister Narendra Modi.

On Thursday, he will receive a ceremonial welcome at the Forecourt of Rashtrapati Bhavan after which he will visit Raj Ghat to pay tribute to Mahatma Gandhi. He will hold bilateral discussions with PM Modi who will also host a luncheon in his honour. PM Chinh is scheduled to call on President Droupadi Murmu and Vice President Jagdeep Dhankhar.