The Indian textile industry is seeking to increase its exports of raw cotton and cotton textile products to the Vietnamese apparel industry in the next five years.
A TEXPROCIL-led trade delegation from India, which is the second biggest textiles producer in the world, was in Vietnam recently, which incidentally is the fifth largest global apparel exporter to explore ways and means to increase its exports of raw cotton and cotton textiles.
A trade exchange between representatives of the textile and apparel industry in India and Vietnam was held in HCM City last week.
Chairman of TEXPROCIL, Mr Manikam Ramaswami said, India’s exports of raw cotton accounted for less than 2 percent of Vietnamese cotton imports, despite the country importing a majority of its consumption of the raw material.
On the other hand, share of India in Vietnam’s huge volume of cotton yarn and cotton fabric imports stood at 16.5 percent and 0.58 percent, respectively. This segment too presented a huge opportunity for substantial growth, Mr Ramaswami observed.
Mr Ramaswami noted that Vietnam has a high demand for textile raw material imports while India offers these materials at highly competitive prices globally.
This leaves a big scope for bilateral cooperation between the two countries and India hoped to become a long term partner for Vietnamese apparel industry, by increasing cooperation between the textile sectors of the two countries, Vietnamese businessmen were told.
Deputy Director of the Vietnam trade promotion agency (VIETRADE) Bui Thanh An said that Vietnam in recent years has signed several trade agreements with India, which has facilitated increased cooperation with India businesses.
This exchange will serve as a bridge connecting Indian and Vietnamese businessmen to strengthen cooperation, An said.
Earlier on June 2, 2014, fibre2fashion had reported that the Indian Ambassador in Vietnam - Preeti Saran had proposed enhanced cooperation in the textile sector with Vietnam, during a meeting with Vuong Dinh Hue, Head of the Central Economic Committee.
Source:- fibre2fashion.com
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