Vietnam-India textile cooperation enters promising new phase
VOV.VN - The Vietnamese and Indian textile sectors stand at the threshold of a new strategic partnership, with both sides positioned to complement each other in the global supply chain.
This key message was delivered at an online seminar on Vietnam-India cooperation in the textile industry held by the Trade Office of the Vietnamese Embassy in India on May 23.
According to Bui Trung Thuong, Trade Counsellor at the Vietnamese Embassy in India, Vietnam’s textile industry achieved impressive milestones in 2024 with export revenue reaching US$43.7 billion, up 10% from the previous year.
This achievement made Vietnam the world’s third-largest textile exporter, after China and Bangladesh. However, the industry is still facing huge challenges due to a 65% reliance on imported raw materials, primarily from China.
In this context, India has emerged as a strategic partner with abundant supplies of cotton and cotton fibers, potentially helping Vietnam reduce input costs while taking advantage of tariff preferences under the ASEAN-India Trade in Goods Agreement.
On the Indian side, Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), noted that India’s textile industry hit a scale of US$170 billion in 2024, with exports valued at US$37 billion. Notably, India’s demand for high-quality polyester fabrics and synthetic fibers, with a market size of around US$1.2 billion per year, presents major opportunities for Vietnamese enterprises.
Truong Van Cam, Vice Chairman cum General Secretary of the Vietnam Textile and Apparel Association (VITAS), said that current cooperation remains below its full potential.
He called on businesses from both sides to enhance connections, exchange technology, and promote green production.
Notably, Vietnamese companies can import textile machinery from India at costs 30-40% lower than European equipment. Additionally, the silk sector shows great potential, with Vietnam supplying high-quality silk fibers while India boasts a diverse silk ecosystem.
This seminar is the second event in the trade promotion series by the Vietnamese Trade Office in India, aimed at realizing the goal of elevating bilateral trade turnover to US$20 billion in the time ahead.
More garment cooperation opportunities for Vietnam, India amid global shifts
Vietnam and India have great potential for cooperation in the garment and textile sector as the US's new reciprocal tax policy could significantly impact exports of both countries to the US market, according to Bui Trung Thuong, Trade Counselor at the Vietnam Trade Office in India.
