Close to 160 garment and textile enterprises from Vietnam and India
gathered at a recent seminar in the northern province of Nam Dinh
to share information and seek partnership opportunities.
Speaking at the event, Do Huu Huy, Deputy Head of the Africa, West
Africa and South Asia Markets Department under the Ministry of
Industry and Trade, highlighted the importance of diversifying material
sources for garment and textile production, saying it contributes to the
sustainable development of the sector.
In order to
hold 10 percent of the global market share, the industry must meet all
origin requirements in the supply chain, especially when the
Trans-Pacific Partnership (TPP) Agreement is reached, said Pham Quang
Thinh from the Vietnam Chamber of Commerce and Industry (VCCI).
Under the agreement, all garment products from the yarn stage
forward must be made in one of the countries that is party to the
agreement, he said, adding Vietnam now meets half of the local yarn
demand.
Therefore, foreign businesses, especially
those from India , are taking this advantage to promptly invest in
building weaving and dying factories in Vietnam , he said.
Mohit, a representative from the Indian Business Chamber in
Vietnam , said that India is the second largest producer of garment
materials in the world, holding 13.52 percent of the global market
share, while Vietnam is one of the world’s largest garment and
textile exporters.
This will pave the way for bilateral cooperation in the future, he noted.
India is among Vietnam ’s top ten trade partners, with
two-way trade reaching 5.2 billion USD in 2013, an increase of 30
percent over the previous year, and nearly 3.8 billion USD in the first
eight months of this year. The two countries are striving to bring
bilateral trade to 15 billion USD by 2020.
Last
year, Vietnam exported 2.3 billion USD worth of goods to India
whereas its imports from the South Asian country topped 2.9 billion USD.
By August 2014, India had 83 investment projects
in Vietnam with a total registered capital of over 256 million USD,
mainly in manufacturing and mining.-VNA