Vietnam, India hail progress in textiles trade

17 Mar '16

2 min read

Vietnam and India have made significant progress in textile and garment trade last year, Vietnamese Deputy Minister of Industry and Trade Do Thang Hai said on Tuesday.

He made the statement at the third meeting of the Vietnam-India Joint Sub-Commission on Trade in New Delhi, the Vietnam News Agency reported.

Commerce Secretary Rita Teaotia who led the Indian delegation, said the partnership between the two countries has been further developed in multiple fields, including textiles and garments.

Teaotia suggested the two sides enhance information exchanges, particularly in trade and commerce, as well as to strengthen connections in air and sea transportation.

The Vietnamese deputy minister said that bilateral cooperation has seen notable progress since the second meeting of the Vietnam-India Joint Sub-Commission on Trade in Hanoi last year; the highlight being textiles and garments, followed by energy and industry, footwear and chemicals.

To further cement economic ties, Do Thang Hai recommended the two nations enhance regional value chains and identify ways to support businesses. He also urged that India's privileged credit package worth $300 million for investments in Vietnam's garment and textile sector, should take effect soon.

Hai suggested that India can consider opening a bonded warehouse in Vietnam to reduce costs and increase competitiveness for its products.

Hai also met Textiles Minister Santosh Gangwar. The two countries could complement each other and tighten their partnership so as to integrate into global value chains more deeply, he noted.

Gangwar said the government would try to meet the challenges to stabilise Indo-Vietnam cooperation in textiles and garments,. He also said the upcoming visit of Prime Minister Narendra Modi to Vietnam will give a push to that end. (SH)

Fibre2Fashion News Desk – India

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