New Delhi, 06 May (H.S.):

During Vietnam President To Lam's visit to India, 13 significant Memorandums of Understanding (MoUs) were signed on Wednesday, giving new direction to cooperation in strategic sectors, particularly rare earths and digital payments.

Key agreement between IRELL (India) Limited and Vietnam's Institute of Technology for Radioactive and Rare Elements (ITRRE) formalizes the long-standing commitment of both sides to expand bilateral cooperation in rare earth elements and other advanced technologies.

To promote digital economy, an agreement was signed between the Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) for cooperation in payment systems and innovations in digital payments. This MoU aims to establish a framework for collaboration in financial innovation and digital payments.

Additionally, NPCI International and Vietnam's NAPAS reached consensus on cross-border QR code payment interoperability.

Central Drugs Standard Control Organisation (CDSCO) of India's Ministry of Health & Family Welfare and Vietnam's Drug Administration (DAV) of the Health Ministry signed an MoU for cooperation in medical products regulation. It aims to create a framework for collaboration in regulating pharmaceuticals, biologics, medical devices, and cosmetics.

In digital technology and IT sector, both countries decided to strengthen partnership. An agreement was signed between India's Ministry of Electronics & Information Technology and Vietnam's Ministry of Science & Technology for cooperation in digital technologies. This MoU will deepen bilateral commitment to strengthen cooperation in digital technologies and IT sector.

Audit institutions also agreed to make cooperation more dynamic. An agreement was signed between India's Comptroller and Auditor General's Office and Vietnam's State Audit Office in public sector auditing. This MoU renews the 2010 MoU between the two audit institutions and makes it more flexible and dynamic.

Brihanmumbai Municipal Corporation, Mumbai and Ho Chi Minh City People's Committee signed an agreement to establish friendship and cooperation. This aims to create a formal framework for both cities to share expertise in urban management and economic development.

Nalanda University and Vietnam's Ho Chi Minh National Academy of Politics signed an agreement on capacity building. This MoU further strengthens India's long-standing efforts to provide capacity building and training to Vietnam.

Under ICCR, India Studies Chairs will be established in Vietnamese universities, and consensus was reached on digitization of Cham civilization manuscripts. This MoU establishes institutional relations between NMM, Indira Gandhi National Centre for the Arts, and USSASH, VNUHCM to survey, document, conserve, digitize, and disseminate online the 'Cham' manuscripts of Indian origin currently preserved in Vietnam.

Agreements for tourism, cultural exchange, and people-to-people contacts were also signed.

Both countries set a target of $25 billion bilateral trade by 2030. Additionally, bilateral relations elevated to 'Enhanced Comprehensive Strategic Partnership', Vietnam's inclusion in India's Indo-Pacific Oceans Initiative (IPOI), announcement of export of Indian grapes to Vietnam and Vietnamese durians to India, and establishment of 'Site Interpretation Centre' at UNESCO World Heritage site 'My Son' were announced.

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Hindusthan Samachar / Jun Sarkar