Prime Minister Narendra Modi and Vietnamese PM Le Minh Hung met at the BRICS Summit in New Delhi on September 12 to advance their strategic partnership. The discussions prioritized defense collaboration, fintech adoption, and critical mineral supply chains. Both nations are aiming to increase bilateral trade to $25 billion by 2030, highlighting potential growth for Indian firms in the defense and technology sectors.
Prime Minister Narendra Modi and Vietnamese Prime Minister Le Minh Hung held a bilateral meeting on September 12, 2026, on the sidelines of the 18th BRICS Summit in New Delhi. The leaders reviewed the progress of the India-Vietnam 'Enhanced Comprehensive Strategic Partnership,' which was officially elevated during President To Lam’s visit to India earlier in May 2026.
The discussions focused on deepening economic and security ties, with a clear emphasis on four key areas: defense cooperation, fintech, critical minerals, and regional maritime security. As Vietnam participates in the summit as a BRICS partner country, the meeting serves as a platform to streamline the path toward the stated bilateral trade target of $25 billion by 2030.
Sector Focus: Defense And Technology
For investors and industry observers, the most significant takeaway from the meeting is the renewed focus on defense manufacturing. Reports have indicated potential progress regarding a deal for BrahMos supersonic cruise missiles, which would mark a major step in defense exports for India. Companies involved in the defense manufacturing ecosystem, particularly those supplying sub-systems and components for the BrahMos program, may see increased visibility as export discussions move forward.
Beyond traditional defense, the leadership explored cooperation in fintech and digital public infrastructure. India has been keen to share its expertise in digital payment systems, often drawing parallels to the UPI model, to help Vietnam bolster its digital economy. This signals potential opportunities for Indian IT and fintech service providers looking to expand into Southeast Asian markets.
Strategic Supply Chains
Critical minerals have emerged as a vital pillar in the partnership. As global supply chains shift toward more resilient and diversified sources, India and Vietnam are exploring frameworks to secure supplies of minerals essential for high-tech manufacturing and energy transition technologies. This collaboration is designed to reduce dependency on traditional, less predictable supply routes.
However, the path to these milestones involves navigating complex regional dynamics. While the intent to increase trade is clear, reaching the $25 billion target by 2030 will require consistent infrastructure development, streamlined regulatory cooperation, and the successful execution of high-stakes defense contracts. Geopolitical stability in the Indo-Pacific remains a critical monitorable, as both nations must balance their security interests with broader regional alliances.
Investors tracking this development should look for future exchange filings regarding specific defense contract awards, government-to-government agreements on mineral extraction, and any partnerships formed by Indian tech firms entering the Vietnamese market. The pace of these developments will likely depend on the successful implementation of the frameworks established during the 2026 BRICS summit.