|Executives of companies from the two countries at the India-Vietnam Textile Cooperation event held in HCM City on November 21. (Photo: VNA)|
Speaking at a business interaction event titled India-Vietnam Textile Cooperation event held in Ho Chi Minh City on November 21, VITAS Chairman Vu Duc Giang invited Indian companies to invest in the yarn, weaving, dyeing, and printing segments to take advantage of the market access provided by free trade agreements that Vietnam has signed.
He expressed hope that cooperation between India and Vietnam would benefit both countries.
K Srikar Reddy, Indian Consul General in HCM City, said bilateral trade in textiles between India and Vietnam has registered impressive growth during the last two years. Indian textile and clothing exports to Vietnam grew 48 percent during the last two years from 390 million USD in the 2016-2017 fiscal year to 578 million USD in the 2018-2019 fiscal year.
"However, there is significant untapped potential for trade in the area of textiles between our countries," he said.
Vietnam is dependent on other countries for raw materials for garments such as cotton, yarn, made-ups, and fabrics and it is looking to diversify its sources.
According to Kalavathi Rao, executive of the Synthetic and Rayon Textiles Export Promotion Council of India, India is the sixth largest producer of man-made fibre textile (MMFT) and exported more than 6 billion USD worth of MMFT products to more than 150 countries in 2018-2019.
Its exports to Vietnam were worth 103.7 million USD, she said, adding that India's share of Vietnam's MMFT imports was 3.34 percent.
Dr Siddhartha Rajagopal, executive director of the Cotton Textiles Export Promotion Council of India, said in 2018, while Vietnam's total textile imports were worth 27.90 billion USD, its imports from India were valued at 640 million USD, or only 2.29 percent.
India's imports were worth 7.31 billion USD and imports from Vietnam were worth 300 million USD, he said.
Reddy said under the India-ASEAN FTA most types of yarns, woven and knit fabrics could be imported duty-free from India.
"India can become a reliable partner of Vietnam in supplying yarn, fabrics, and machinery at competitive prices."
Rajagopal invited Vietnamese companies to participate in the IND-TEXPO (Reverse Buyer Seller meet) to be organised by TEXPROCIL from March 17 to 29 next year in Coimbatore.
Visitors from 40 countries were expected to participate in the event for sourcing varieties of yarns, fabrics, made-ups, home textiles, and technical textiles from India, he said.
Approved buyers from Vietnam would be eligible for full hospitality, including complementary return airfare, accommodation and local transport, he added.
Organised by the Indian Consulate General, VITAS, the Vietnam Cotton and Spinning Association, and HCM City Textile and Garment -Embroidery Association, the event attracted 60 Indian companies who also participated in the 19th Vietnam International Textile and Garment Industry Exhibition in HCM City from November 20 to 23 besides local firms.
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