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'Huge potential for India-Vietnam textile trade'
Sep '14
There is immense potential for India-Vietnam textile trade, speakers said at a business event organized by the Vietnam Chamber of Commerce and Industry (VCCI), in association with the Indian Embassy in Vietnam, the Indian Business Association in Vietnam, the Ministry of Trade and Industry of Vietnam, and the People’s Committee of Nam Dinh.
The event, held last week in Nam Dinh City, was attended by about 160 businessmen from the two countries, who shared information on opportunities for cooperation between the textile industries of both countries.
At the conference, Do Huu Huy, Deputy Head, Department of Africa and South West Asia, Vietnam’s Ministry of Industry and Trade, said diversification of supplies to the Vietnamese garment industry is essential for sustainable development of the Vietnamese apparel industry, and also to reduce its dependence on a single supplier.
In view of the Trans-Pacific Partnership (TPP) agreement, which is currently being negotiated between 12 nations including Vietnam and the US, Vietnamese clothing industry must meet ‘certificate of origin’ requirements, said Pham Quang Thinh, an official from the VCCI.
At present, Vietnam meets only 50 percent of its material demand for production of garments, and this provides a good opportunity for Indian companies to invest in Vietnam’s textile industry, said Thinh.
Mr. Mohit, representing the Indian Business Chamber in Hanoi, said India is the world’s second-largest exporter of materials that go into the production of garments. India currently has 13.52 percent of global market share in these materials. On the other hand, Vietnam is one of the world’s leading garment exporters, which is dependent on import of materials, he said.
Thus, there is huge potential for cooperation between the two countries, especially since India accounts for only 2 percent of all Vietnamese import of garment input materials at present, he added.
In 2013, India-Vietnam bilateral trade surged at 30 percent year-on-year to touch US$ 5.2 billion. Both countries aim to increase their bilateral trade value to $15 billion by 2020. (RKS)

Fibre2fashion News Desk - India

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