Increasing the bilateral trade between both India and Vietnam in the garment sector will be among the top priorities to enhance social and economic development of both the nations.
Corroborating the same, P. Harish, who is the Indian Ambassador to Vietnam, averred that there are efforts to increase the trade value, between both countries, to US $ 15 billion by the year 2020.
He was addressing an event in HCM City on 17 July, where he introduced Source India 2018 to Vietnamese garment companies and invited them to attend the exhibition.
Source India 2018, to be held in Surat from September 21 to 23, is India‘s largest manmade fibre exhibition. While India is counted among the top three textile product suppliers globally, Vietnam is one of the biggest apparel exporters in the world that generated an export revenue of US $ 31 billion last year and expects to touch US $ 35 billion in 2018.
In 2017, India exported apparels worth US $ 429 million to Vietnam, which is a surge of 44% from what it was in 2016. However, Vietnam exported a not-so-impressive US $ 178 million worth apparel products to India.
To enhance trade cooperation, India intends to export apparel materials worth US $ 1 billion in coming years and has also urged Vietnamese companies to actively participate in strengthening trade relations.
Nguyen Thi Tuyet Mai, Deputy General Secretary, VITAS, said that while Vietnam will gain from India with regard to latest technology and more textile materials and products, India too can expand its market. She also applauded the quality of Indian fabric.
