Union Finance Minister Nirmala Sitharaman held discussions with Vietnam’s Finance Minister Ngo Van Tuan in New Delhi on Wednesday, focusing on ways to deepen cooperation across technology, innovation, energy, and pharmaceuticals.
The meeting came against the backdrop of evolving global economic and geopolitical challenges, with both sides emphasising resilience and stability in their respective economies.
The talks coincided with the celebration of ten years of the India-Vietnam Comprehensive Strategic Partnership, which both ministers acknowledged as a relationship that has continued to strengthen and expand.
The Vietnamese side expressed keen interest in advancing collaboration in technology-driven sectors, energy cooperation, and pharmaceutical development, reflecting Vietnam’s ambition to integrate more deeply into global value chains.
According to a post by the Finance Ministry on X, Sitharaman praised Vietnam’s strong macroeconomic management and ongoing institutional reforms. She noted that these reforms have contributed to Vietnam’s improved credit outlook and rising competitiveness, enhancing its resilience and integration into international trade and investment frameworks. This recognition underscored India’s appreciation of Vietnam’s economic trajectory and reformist approach.
Ngo Van Tuan, in turn, commended India’s macroeconomic leadership and expressed interest in learning from India’s experience in several areas. He highlighted India’s tax reforms, the development of micro, small and medium enterprises (MSMEs), and the role of public investment in driving growth as areas of particular relevance to Vietnam’s own economic agenda. His remarks reflected Vietnam’s intent to draw lessons from India’s policy innovations to strengthen its domestic economy.
Sitharaman outlined India’s support mechanisms for the MSME sector, which include direct and indirect tax reforms, interest subventions, public procurement policies, and AI skilling initiatives aimed at workforce development. She emphasised India’s efforts to modernise and simplify tax administration, noting that faceless assessments and technology-driven systems have enhanced transparency and efficiency in governance. These reforms, she explained, have created a more predictable and investor-friendly environment.
The Finance Minister also presented the PM Gati Shakti platform as an integrated, technology-enabled framework for infrastructure development. Vietnam showed interest in this approach, recognising its potential to streamline planning and execution across multiple sectors. The platform’s emphasis on connectivity and efficiency resonated with Vietnam’s own infrastructure development priorities.
Sitharaman fondly recalled her visit to Vietnam during her tenure as Defence Minister, underscoring the warmth and strength of bilateral ties. Her personal recollection added a layer of continuity to the relationship, highlighting the multifaceted nature of India-Vietnam cooperation that spans defence, economy, and people-to-people exchanges.
The meeting reaffirmed the shared commitment of both nations to further deepen the Comprehensive Strategic Partnership and expand cooperation across key sectors. It also reflected the broader strategic alignment between India and Vietnam in navigating global uncertainties and building resilient economies.
The talks took place during the three-day state visit of Vietnam’s President To Lam to India. He was accompanied by a high-level delegation comprising several ministers and senior officials, as well as a strong business delegation. Earlier on Wednesday, President To Lam held a bilateral meeting with Prime Minister Narendra Modi, further cementing the momentum of India-Vietnam relations at the highest level.
This dialogue between the finance ministers added significant economic depth to the visit, complementing the strategic and political discussions between the leaders and reinforcing the trajectory of enhanced cooperation between the two countries.
ANI
