With an estimated yearly market of US $1.2 billion, Vietnam can meet India’s growing demand for premium polyester fabric, according to Bui Trung Thuong, Commercial Counsellor and Head of the Vietnam Trade Office in India. This suggests a significant potential for cooperation in the textile and apparel industries of both nations.
With a partnership in the offing, Thuong also asserted the mutual benefit in the raw material supply, production capacity, and trade expansion. During the online seminar on Vietnam-India cooperation in the textile industry, he emphasised that although Vietnam employs over 3 million people and is the world’s third-largest exporter of textiles and clothing, the country heavily depends on China for its imports.
Thuong discussed how India’s competitive edge in the manufacturing of cotton, yarn, and textile machines, as well as preferential treatment under the ASEAN-India Free Trade Agreement (AIFTA), can make it a key partner of Vietnam. Strengthening trade ties, he mentioned, can help reduce Vietnam’s dependency and further save input costs by 22-27 per cent.
Rakesh Mehra, the chairman of the Confederation of Indian Textile Industry (CITI), supported the cooperation effort and saw this step favourably since it would help restructure the existing trade disputes and establish a flexible and valuable supply chain.
The Chairman of Worldex India, Rajesh Bhagat, also encouraged both the countries to enhance their presence through specialised exhibitions which can help in fostering connections, contract agreements, and expand cooperation in machinery, technology, and supply chain development.
