Indian firms need to come forward and invest in Vietnam’s yarn, fabric and dyeing industry.
The Vietnam Textile and Apparel Association (VITAS) stated this at a recently concluded India-Vietnam Textile Cooperation event held in Ho Chi Minh City.
Speaking at the event, Vu Duc Giang, Chairman, VITAS said that India should make use of the market access provided by free trade agreements (FTAs) signed by Vietnam.
K. Srikar Reddy, Indian Consul General, Ho Chi Minh City, said that things are moving in right directon as the textile trade between both countries has been on rise in last 2 years.
The numbers do justify this!
The Indian apparel and textile exports to Vietnam has grown from US $ 390 million in 2016-2017 to US $ 578 million in 2018-2019 – An outstanding 48 per cent surge.
Reddy was, however, quick to add that there was still a lot of potential to be tapped in textile trade.
Notably, India’s share of Vietnam’s man-made fibre textile imports was 3.34 per cent.
Further on the same, Dr. Siddhartha Rajagopal, ED, Cotton Textiles Export Promotion Council of India said that 2018 saw Vietnam’s total textile imports touching US $ 27.90 billion with India’s share being a paltry US $ 640 million.
That’s just 2.29 per cent!
Reddy added that under the India-ASEAN FTA, most types of yarns, woven and knit fabrics could be imported duty-free from India.
The event, organised by VITAS, Indian Consulate General, the Vietnam Cotton and Spinning Association, and HCM City Textile and Garment-Embroidery Association, attracted 60 Indian companies.