Vietnam and India still have huge opportunities to further enhance their textile trade relations.
This was remarked by K Srikar Reddy, Indian Consul General, at a business event “Textiles: India-Vietnam Co-operation”, held recently in Ho Chi Minh City.
Srikar Reddy mentioned that while India’s apparel and textile export was about US $ 36.7 billion during 2017-18 fiscal year, its apparel and textile export to Vietnam was US $ 555 million during the same period – an increase of 42 per cent.
He further added that though the textile and apparel trade has grown very well between both the countries in last 2 years, there is still lot of scope to promote the trade.
India is known worldwide as suppliers of high-quality raw materials, fabrics and machines, while Vietnam can gain a lot considering it is on the lookout to widen its sourcing of raw materials for apparels.
The Consul General also said that under India-ASEAN FTA, different types of cotton yarns and cotton fabrics can be imported duty-free from India starting 1 January 2019.
Nguyễn Hồng Giang from Vietnam Cotton and Spinning Association welcomed investment from India in fabric making. He added that Indian firms can avail tax benefits from FTAs if they invest in Vietnam.
Vietnamese companies were also invited to take part in Ind-Texpo 2019, a textile fair, in January next year.