Currently Vietnam and India are among the five leading garment exporters in the world.
Apart from that, last year, the revenue of India apparel exports to Vietnam reached $429 million, an increase of 44 percent compared to in 2016 while Vietnam’s shipment of garment-textile products to India was $178 million, an annual increase of 42 percent.
Connected trade transactions classified as a strategic target by the two countries’ leaders proved the trust each other.
A representative from the India Consulate General recommended Vietnamese companies should look for investment opportunity in India where having population of 1.3 billion people with high demand particularly in garment and textiles.
The Indian Government is allowing 100 percent foreign direct investment (FDI) in single-brand retail according to automatic road map in many various fields including garment –textile. As per the automatic road map, international investors can pour money into the market without the government’s prior permission.
Therefore, Vietnamese garment companies can take advantage of the policy by investing in the production of threads, fabrics and ready-made clothes.
The two countries aim to bring bilateral trade to $15 billion by 2020.
By VAN DIEU – Translated by UYEN PHUONG
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