Indian firms explore investment in Vietnam textile sector

Source: https://www.fibre2fashion.com

A delegation from the Confederation of Indian Industry (CII) in Tamil Nadu state’ Tiruppur visited Ho Chi Minh City last month to explore investment opportunities and meet representatives of enterprises there. The Indian delegation visited garment and textile units in the Mekong Delta city of Can Tho and the southern province of Dong Nai.

India and Vietnam have defined garment and textiles as a priority sector in bilateral ties, according to a report by a news agency.

India is one of the major material suppliers of Vietnam’s garment and textile sector, but trade value between the two sides remains modest. Therefore, Indian firms are working to promote trade activities in the Vietnamese market.

The Indian consulate general in Ho Chi Minh City coordinated with the Vietnam Cotton and Spinning Association (VCOSA) to organise a meeting In November between Vietnamese firms and their Indian counterparts joining the 18th International Textile and Garment Industry Exhibition.

From April to August 2018, India earned $257 million from selling garment and textile products to Vietnam, up 59 per cent over the same period a year earlier.

Under the free trade agreement between India and the ASEAN, most cotton and woven cotton fabric and knitted fabric imported from India will enjoy tax exemption from January 1, 2019, making India a competitive supplier of garment and textile materials and machines for Vietnam.



Categories: Asia, Business, Textile, Vietnam

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