|A delegation of nine Indian enterprises visited Vietnam to look for lucrative opportunities
A business to business meeting between Vietnamese and Indian companies took place recently in Ho Chi Minh City.
Shailesh Martis—director of Cotton Textiles Export Promotion Council of India— said that Vietnam has emerged as a leading global exporter of garments and is constantly on the look-out for high-quality cotton textiles, including cotton yarn and fabrics. The Vietnamese textile and clothing industry has set an ambitious yet attainable export target of $30.5 billion for 2017.
“Vietnamese importers are therefore keen on looking at alternative sources for raw materials. The Indian exporters of cotton textiles are eager to meet any gap within the Vietnamese cotton textile supply chain,” he said.
According to K. Srikar Reddy, Consul General of India, there is huge trade potential in the area of textiles and garments between the two countries. The Indian textile industry has developed a complete product supply chain. The country is also one of the primary suppliers of high-quality materials and fabrics at competitive prices in the world.
“As Vietnam is looking to diversify its material suppliers in the textile segment, this offers a great opportunity for mutually beneficial co-operation between Indian and Vietnamese enterprises,” he said, noting that enhancing bilateral economic engagement is a strategic objective and textile and garments has been identified as a priority sector for co-operation.
The delegation of nine Indian companies has also attended the 17th Vietnam International Textile & Garment Industry Exhibition from November 22-25 at Saigon Exhibition & Convention Centre in Ho Chi Minh City. The delegation showcased cotton, high-quality woven, knitted, and denim fabrics, as well as home textiles.
Beside Indian companies, the expo also features 400 exhibitors from 14 countries and regions. The strong presence of foreign exhibitors underscores the high internationalisation of this mega event as well as the attractiveness of the Vietnamese textile and garments sector.
Despite US' withdraw from the Trans-Pacific Partnership (TPP), international investors have remained optimistic about Vietnam’s market potential on the back of the country’s stable economic growth.
According to the latest statistics released by the Ministry of Planning and Investment's Foreign Investment Agency, the Vietnamese textile and garments sector scored $14.58 billion in outbound shipments in the first six months of 2017, representing a significant annual increase of 11.3 per cent.