India proposes enhanced textile cooperation with Vietnam

10 Jun '14

2 min read

Indian Ambassador in Vietnam Preeti Saran has proposed enhanced cooperation in the textile sector with Vietnam, according to a statement from Vietnam’s Central Economic Committee.

During a meeting with Vuong Dinh Hue, Head of the Central Economic Committee, Ms. Saran said economic ties between India and Vietnam are not commensurate with the potential of the two countries.

To promote economic relations, trade and investment between the two countries, the Indian Ambassador proposed that the two countries should promote and strengthen cooperation in several fields, including textiles.

Particularly emphasizing on enhancing cooperation in the field of textiles, Ms. Saran said Vietnam is a leading textiles (garment) exporter to world markets, but it depends on other countries for inputs (raw material), while India is the second largest exporter in the world for raw cotton, yarn, fabric and other raw materials for textiles.

Thus, the textile sectors of both countries are complementary and there is great scope for enhancing import and export, she added.

India can import final product, i.e. garments, from Vietnam, and can also supply textiles to it, according to Ms. Saran.

Mr. Dinh Hue said Vietnam is in the process of restructuring its economy, and the country is currently in the midst of diversifying its sources of supply. He said India is a big market and therefore there is a need to boost cooperation in investment, trade and economy between the two countries.

The Central Economic Committee will advise the Politburo and the Secretariat, in coordination with the authorities, to implement measures aimed at promoting and strengthen economic cooperation between India and Vietnam, commensurate with the potential and strengths of each side, the statement said.

Fibre2fashion News Desk - India

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