Prime Minister Narendra Modi and visiting Vietnamese President To Lam on Wednesday, 6 May jointly reaffirmed a broad-based cooperation agenda spanning digital payments, healthcare, nuclear energy, and critical technologies, issuing a joint statement in New Delhi after a bilateral press meet. The two leaders welcomed the signing of a landmark Memorandum of Understanding (MoU) between the Reserve Bank of India (RBI) and the State Bank of Vietnam on financial innovation and digital payments, including the potential linking of UPI-based retail payment platforms via QR codes to facilitate tourism and cross-border commerce.

Digital Payments and Financial Innovation

The MoU between the RBI and the State Bank of Vietnam marks a significant step toward interoperable retail payment infrastructure between the two nations. Both sides agreed to promote linkages for retail payment platforms via QR codes, a move that could ease transactions for tourists and businesses operating across the two countries. This comes amid India's active push to internationalise UPI, which has already been linked with payment systems in countries including Singapore, UAE, and France.

Health Sector Cooperation and Pharmaceuticals

The two leaders acknowledged the advancements made by the Indian pharmaceutical industry and agreed to explore the potential participation of Indian companies in the procurement of medicines for Vietnamese public healthcare facilities from 2027, as mutually agreed. They also encouraged cooperation in the digital transformation of healthcare, including the application of Artificial Intelligence (AI) in the health sector. Recognising the shared heritage of traditional medicine in both countries, the leaders agreed to promote exchange of knowledge, research, and best practices, while encouraging closer institutional linkages. They welcomed progress towards the completion of the MoU on Traditional Medicine and the proposed MoU on the establishment of an Academic Chair in Ayurveda in Vietnam.

Critical and Emerging Technologies

The leaders agreed to facilitate greater collaboration in critical and emerging technology areas such as Digital Public Infrastructure, 6G, Artificial Intelligence, space, nuclear technology, marine sciences, biotechnology, advanced materials, and critical minerals. According to the official joint statement, cooperation will focus on practical initiatives such as joint research, R&D centres, and product development as mutually beneficial. They also encouraged further collaboration in applying digital and advanced technologies in smart agriculture, sustainable water management, and air pollution control.

Nuclear Energy and Rare Earths

The leaders noted with satisfaction the ongoing collaboration in the field of peaceful uses of atomic energy and agreed to intensify follow-up on various avenues of cooperation emerging from the 4th India-Vietnam Joint Committee Meeting on atomic energy. India appreciated Vietnam's invitation to participate in its nuclear power sector. They also welcomed the signing of an MoU between IREL (India) Limited and the Institute for Technology of Radioactive and Rare Elements, VINATOM, on mutual cooperation in the field of Rare Earths, emphasising its early and full implementation.

Climate, Environment and Multilateral Initiatives

The two sides recognised the relevance of Mission LiFE (Lifestyle for Environment) and institutions such as the International Solar Alliance (ISA). India welcomed Vietnam's interest in joining the Global Biofuels Alliance (GBA). The leaders also acknowledged the importance of the Coalition for Disaster Resilient Infrastructure (CDRI) in promoting international cooperation in disaster risk reduction. Both sides agreed to enhance collaboration in oceanography, including ocean observing platforms, data management, ocean prediction, capacity building, and maritime scientific research. The wide-ranging agreements signal a deepening of the India-Vietnam Comprehensive Strategic Partnership, with implementation timelines and institutional follow-ups expected to be detailed in the months ahead.