Indian garment businesses said bilateral cooperation in the garment industry has yet to live up to their expectations and they hoped to become a long-term, potential partner for Vietnamese businesses by increasing mutually cooperation and reducing input costs.
Manikam Ramaswami, Chairman of the Cotton Textiles Promotion Council of India (TEXPROCL), said Vietnam’s cotton imports from India accounted for only a modest 1.6% share of the Indian market worldwide in 2013 and, accordingly, there is substantial opportunity for expansive growth.
Both Vietnam and India have potential for stronger cooperation in garments and textiles, said Ramaswami, explaining that Vietnam has a high demand for material imports while India offers these materials at highly competitive prices globally.
The fact is that the Vietnamese garment sector has achieved rapid growth in recent years with improved designs and quality, receiving great attention from foreign investors.
In addition, the government is speeding up free trade agreement (FTA) negotiations, creating plenty of opportunity for the garment industry to grow and flourish.
Currently Vietnam is accelerating administrative reforms to meet the country’s international integration requirements, creating a transparent, healthy environment for trade and investment activities of domestic and foreign businesses.
Bui Thanh An, deputy director of the Vietnam trade promotion agency (Vietrade), in turn said that Vietnam has signed several trade and investment agreements with India, facilitating increased cooperation with India businesses.
The exchange served as an important bridge connecting the Vietnamese and Indian business communities to strengthen cooperation, An said.