New Delhi, May 6 -- India and Vietnam on Wednesday elevated their bilateral ties to an "Enhanced Comprehensive Strategic Partnership", with the two countries setting a target of USD 25 billion in bilateral trade by 2030 and expanding cooperation in defence manufacturing, digital payments, rare earths, maritime security and emerging technologies.

According to the Joint Statement issued after talks between Prime Minister Narendra Modi and Vietnam's General Secretary and President To Lam, the two leaders "agreed to elevate the bilateral relations to Enhanced Comprehensive Strategic Partnership in the spirit of 'shared vision, strategic convergence, substantive cooperation'."

The statement said both countries agreed on "a new trade goal of ...