Vietnamese, Indian garment-textile firms seek partnership chances
Vietnamese and Indian businesses sought partnership opportunities in garment and textile sector during an online conference held by the Vietnamese Trade Office in India and the Indian Importers Chambers of Commerce and Industries (IICI) on December 30.
According to A. Sakthivel, Chairman of the Apparel Export Promotion Council under the Ministry of Textiles of India, garment and textile sector makes up more than 2% to the country’s gross domestic product (GDP).
The sector has created jobs for more than 45 million labourers and made up 15% of the country’s total export revenue in the 2018-2019 fiscal year, he noted, pointing out that the garment-textile market of India is estimated to worth US$100 billion in the 2018-2019 fiscal year.
For his part, Bui Trong Thoan from the Vietnam’s Association of Foreign-Invested Enterprises said that Vietnam has been a bright spot in the gloomy global economy, and among the few countries posting positive growth in 2020 with economic expansion of 2.91%, total import-export revenue of US$543.9 billion and trade surplus of US$19.1 billion.
Meanwhile, Pham Minh Huong, former Managing Director of the Vietnam Garment and Textile Group (Vinatex), noted that Vietnam is the current third largest garment-textile exporter in the world after China and India.
As of the end of December 2020, export revenue of the product had hit US$34 billion, down 14% year on year, marking the first year of reduction after decades of growth of about 10-15%.
However, in 2021, the sector is projected to enjoy a 9-15% rise in export, she stated.
Over the years, India has been a supplier of materials for garment-textile firms in Vietnam, providing 7% of total imported materials to Vietnam in the first 11 months of this year.