Govt approves India, Vietnam pact to expand bilateral trade

The government today cleared the signing of an agreement between India and Vietnam to intensify economic cooperation and expand bilateral trade.

The decision, taken by the Cabinet chaired by Prime Minister Narendra Modi here, comes ahead of Vietnamese President Tran Dai Quang's three-day visit to India later this week.

India and Vietnam have set a target of USD 15 billion in bilateral trade by 2020, from around USD 7 billion at present.

"The Memorandum of Understanding (MoU) would expand more bilateral trade and economic cooperation between India and Vietnam," an official statement said.