India and Vietnam are looking to ramp up bilateral trade to $25 billion by 2030, Prime Minister Narendra Modi said Wednesday, following talks with President To Lam in New Delhi.

“Bilateral trade between India and Vietnam has doubled in the last decade and reached $16 billion. Today, we have taken several important decisions to take it to $25 billion by 2030,” Modi said in a speech.

“We will take our cooperation to new hights.”

Lam, on his first visit to India as president, said the two countries “will elevate defence and security cooperation” and contribute to “strengthening an environment of peace and stability”.

Both sides said the discussions focused on sectors like education, rare earth minerals and digital payment systems, reflecting “the enhanced comprehensive strategic partnership between India and Vietnam”, according to Modi.

Lam was earlier accorded a red-carpet welcome at the presidential palace, with Modi standing alongside him as troops marched past in an honour guard parade.