Việt Nam, India promote digital economy cooperation towards US$25 bln trade target

Việt Nam, India promote digital economy cooperation towards US$25 bln trade target

The Việt Nam Trade Office in India, the Việt Nam E-commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade, Marwah Studios, and the Global Trade and Technology Council of India (GTTCI) on Monday organised a Việt Nam-India forum on digital economy and cross-border e-commerce was held in Noida city in India’s Uttar Pradesh state.

Vietnamese Trade Counsellor in India Bùi Trung Thướng speaks at the forum. — VNA/VNS Photo

The event drew representatives from management agencies, business associations, technology platforms, startups, logistics firms and experts from both countries.

Speaking at the opening ceremony, Vietnamese Trade Counsellor in India Bùi  Trung Thướng said the digital economy and e-commerce are creating opportunities for businesses, especially small- and medium-sized enterprises (SMEs) and startups, to access global markets at lower costs and with greater efficiency.

He stressed that the two countries should strengthen cooperation in digital platforms, logistics, financial technology, artificial intelligence (AI) and innovation ecosystems in order to promote sustainable and inclusive trade growth.

Bùi Thị Thanh Hằng, a representative of iDEA, described e-commerce as one of the fastest-growing sectors globally and an effective tool enabling SMEs to expand into international markets, particularly after the COVID-19 pandemic.

According to Hằng, Việt Nam is currently among the top three fastest-growing e-commerce economies in ASEAN. The country’s e-commerce market is projected to reach US$37.2 billion by 2026, with annual growth of around 25 per cent.

She noted that Việt Nam’s Law on E-commerce, set to take effect from July 1, 2026, will provide a transparent legal framework and support businesses in leveraging e-commerce as a strategic export channel.

Experts at the forum identified several promising areas for bilateral co-operation, including cross-border e-commerce platforms, digital payments and fintech, AI, logistics, supply chain solutions and digital branding.

Indian enterprises, they said, can directly access the Vietnamese market, co-operate with Vietnamese partners in production activities and provide technology, logistics and digital payment services.

Gaurav Kamboj from the national investment promotion agency Invest India under India’s Ministry of Commerce and Industry, said the South Asian nation is making major investments in digital and logistics infrastructure.

India currently has more than 1.4 billion digital identity holders and recorded 241.6 billion UPI transactions in the 2025-26 fiscal year, while also developing one of the world’s leading fintech ecosystems, he noted.

Meanwhile, Sanjiv Layek, Secretary General of the World Association for Small and Medium Enterprises (WASME), estimated that Việt Nam-India digital trade could reach $500 billion by 2030.

He proposed a five-pillar cooperation framework focusing on cross-border e-commerce, AI and innovation, fintech and digital payments, logistics and supply chains, as well as startup support and capacity building.

WASME also suggested establishing a Việt Nam-India MSME Digital Corridor to simplify customs procedures, electronic invoicing and business certification, while promoting payment connectivity between India’s UPI system and Việt Nam’s NAPAS network.

Under the proposed roadmap, the two sides could sign a memorandum of understanding in 2026, put the UPI-NAPAS connection into operation in 2027, and facilitate $500 million worth of trade for SMEs by 2028.

Delegates said that with the strengthened Comprehensive Strategic Partnership, the rapid growth of digital economies in both countries and complementary strengths in technology, manufacturing and markets, Việt Nam and India are well positioned to build a deeply connected digital trade ecosystem and enhance their participation in global value chains. 

Bizhub