Home / Knowledge / News / Textiles / 'Good scope for Indian & Vietnamese textiles to cooperate'
'Good scope for Indian & Vietnamese textiles to cooperate'
27
Jun '13
There is great potential for cooperation in the textile sector between Indian and Vietnamese textile firms, which can cooperate to launch Joint Ventures (JVs), Abhay Thakur, the Indian consul general in HCM City, has said.
 
Vietnam is a leading apparel exporter, but the country imports nearly 80 percent of its raw material requirements, whereas India is strong in textile materials and machinery, and hence an alliance between the two can benefit both sides, Mr. Thakur said.
 
He was speaking at the India-Vietnam Investment Round Table in Ho Chi Minh City, which was attended by members of the Vietnam Chamber of Commerce and Industry and representatives of the Federation of Indian Chambers of Commerce and Industry.
 
The bilateral trade between India and Vietnam has grown 20-fold in the last 12 years and doubled since 2009 to US$ 4 billion, and the turnover is expected to be around US$ 5 billion this year, and reach US$ 7 billion in 2015, Mr. Thakur said.
 
However, the participants in the Round Table agreed that trade and investment cooperation between India and Vietnam is much below their actual potential.
 
Indian delegates at the conference expressed optimism that Vietnam would further strengthen cooperation with Indian firms, especially in the textile sector.
 
Le Phuoc Vu, chairman of the Vietnam-India Business Forum, said it is important potential investors are kept informed about policies and specific opportunities, in order to boost investment and trade between the two countries. 
 
At present there are about 150 Indian firms in Vietnam, which have together invested around US$ 800 million in various sectors.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search