The Government of India, which has been encouraging investment in the textile industry, organised a conference in Vietnam with an aim to boost trade ties.
The day-long conference entitled “Textiles: India – Vietnam Cooperation, Partners in Progress” was organised by Consulate General of India in Ho Chi Minh City last week.
Dr. K. Srikar Reddy, Consul General of India, Jeevan Kandpal, Consul & CEO of Consulate General of India, representatives of 19 Indian companies participating in SAIGONTEX 2018, Tran Ngoc Liem, Deputy Director of Vietnam Chamber of Commerce and Industry (VCCI), HCMC Branch, Truong Van Cam, VC/Secretary of Vietnam Textile and Apparel Association (VITAS), Pham Xuan Hong, Chairman of Textile Garment Association of Danang City and others attended the meeting.
In view of the opportunities available in India, especially in garment and textile, Vietnamese companies were asked to invest in the country. Production of threads, fabrics and ready-made clothes are the major areas where they can go for investment.
India and Vietnam opined that improvement in trade transactions and connectivity is the major strategic target for both of them.
Van Cam said that collaboration with India can be a good one for the textile and garment industry of Vietnam, especially in terms of technology, weaving, dyeing, finishing, auxiliary materials production and design. He also stressed that Indian companies can learn about the issues of Vietnam’s textile and garment makers in order to invest in synergies to support each other’s fortes and compensate for the supply chain shortages.
Markedly, the Vietnamese garment industry aims to export US $ 36 billion in 2018 and US $ 50 billion by 2020. Thus, there’s a great scope for textile and garment exports between the two nations, considering that India is a supplier of high-quality raw materials, fabrics and machinery at competitive prices.
At the meeting, Dr. Reddy underlined that Vietnam is a pillar in the east of India policy.
