Vietnam firms advised to invest in Indian garment market
A representative of the Indian Consulate General in Ho Chi Minh City recommended Vietnamese companies look for investment opportunity in the Indian market of 1.3 billion people, particularly in garment and textiles.
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The Indian Government is allowing 100% foreign direct investment (FDI) in single-brand retail via automatic route, which means foreign investors can pour money into the market without prior permission from the authorities. Vietnamese garment companies can take advantage of the policy by investing in the production of threads, fabrics and ready-made clothes.
It was estimated that between April 2017 and January 2018, Vietnam – India trade reached US$10.39 billion, surpassing the figure of US$10.13 billion recorded from April 2016 to March 2017.
Improving trade transactions and connectivity have been classified as a strategic target by the two countries’ leaders.
The two countries aim to bring bilateral trade to US$15 billion by 2020.
Last year, Vietnam exported US$31 billion worth of textile and garment products, up 10.23% from the same period last year while its imports of textile and garment materials, mostly yarns and fabrics, amounted to US$19 billion.
