India and Vietnam Forge New Paths of Cooperation Amid Global Challenges

Finance Ministers of India and Vietnam convened in New Delhi, focusing on strategic partnerships and cooperation in technology, energy, and pharma. Celebrating a decade of strategic partnership, they discussed global economic challenges. Vietnam expressed interest in India's tax reforms and infrastructure development strategies for enhanced global integration.

The Finance Ministers of India and Vietnam convened in New Delhi on Wednesday, focusing on deepening their cooperation in sectors such as technology, innovation, energy, and pharmaceuticals. Amid evolving global economic and geopolitical challenges, they celebrated the decade-long India-Vietnam Comprehensive Strategic Partnership, emphasizing its continued growth and enhancement.

According to a statement from India's Finance Ministry on X, Minister Nirmala Sitharaman praised Vietnam for its robust macroeconomic management and institutional reforms. These efforts have improved Vietnam's credit outlook and competitiveness, enhancing its resilience and integration into global value chains. Vietnam's Finance Minister Ngo Van Tuan expressed a keen interest in learning from India’s experience, especially in tax reforms and public investment strategies.

Highlighting India's support for the MSME sector, Minister Sitharaman discussed direct and indirect tax reforms, public procurement policies, and AI skilling initiatives. She noted the modernization of India’s tax administration and the success of faceless assessments, which have increased transparency. Vietnam showed interest in the PM Gati Shakti platform, a framework for infrastructure development, as Minister Sitharaman recalled her past visit to Vietnam, underscoring the enduring ties between the nations.

The meeting reinforced a mutual commitment to furthering the India-Vietnam Strategic Partnership. Their discussion took place amid a broader high-profile visit, as Vietnam's President To Lam, accompanied by senior officials and a business delegation, met with India's Prime Minister Narendra Modi to strengthen bilateral ties.