According to Smita Pant, textile and garment is one of the leading important industries that the two nations need to foster cooperation through promoting trade, attracting investment and increasing export turnover.
Ronak Roughani, Vice President of the Synthetic and Rayon Textile Export Promotion Council (SRTEPC) of India said apparel occupies a large proportion in India’s exports.
India’s textile and garment industry has developed a complete product supply chain and the country is also one of suppliers of high-quality materials and fabric with competitive price in the world.
The country’s export turnover of textile and garment materials to Vietnam in recent years averagely increases about 20 percent a year.
This is a good time for Vietnamese and Indian textile and garment firms to enhance links in investing, exporting materials and technical assistance for mutual benefit, he said.
Dang Thi Tuyet Mai, Vice General Secretary of the Vietnam Textile and Apparel Association (VITAS), said Vietnam is one of the five largest textile and garment exporters in the world, with its textile and garment export turnover hitting about 28.5 billion USD in 2016.
However, the country is also one of the world’s leading importers of fabric and materials. The shortage of high-quality materials for production is the biggest barrier to Vietnam’s textile and garment industry, hindering the country from taking advantages of free trade agreements.
Pham Xuan Hong, Chairman of the HCM City Association of Garment Textile Embroidery and Knitting (AGTEK) said Vietnamese textile and garment firms appreciate the quality and competitive price of materials from India, stressing that cooperating with India businesses is an effective measure to diversify material supply resources for Vietnam.
Vietnamese firms should intensify trade promotion programmes and participate in exhibitions and trade promotion events, he suggested, saying that these will offer opportunities for them to seek more material suppliers, and learning from effective business and production models.
The programmes will also help Indian businesses make deeper inroad into Vietnamese market, he said.
Source: VNA