Srijib Roy, the SRTEPC's director, said: "India is the second largest producer of polyester and viscose filament yarn and cotton in the world. It is also the fourth largest producer of viscose staple fibre and stands sixth in acrylic staple fiber globally."
On the other hand, despite achieving impressive growth in garment and textile export, Vietnam relied heavily on imported raw materials.
Vietnam had imported more than US$440 million worth of textile products from India during the financial year ending March 2014, with the main items being polyester viscose and synthetic fabric, polyester wool fabric, and polyester filament yarn.
India's exports of man made fibre to Vietnam went up from US$36 million in 2009 to US$89.09 million last year, an increase of 146%.
Vietnam is dependent on other countries, mostly China, for its textile inputs, both India and Vietnam could benefit by co-operation – the former would get a new market and the latter could diversify its source of materials.
Vinod K. Ladia, the SRTEPC's former chairman, said India also provided a huge market for Vietnamese garments with its population of more than 1.2 billion.
Besides, India had a massive young population that is looking for good designs and modern fashion, he said.
India was considering building its first textile industrial park near HCM City to manufacture feedstock for Vietnamese garment producers as well as textile products that Vietnam did not produce, he added.
As part of its efforts to promote co-operation with Vietnamese firms, the SRTEPC planned to organise the Indian Textile Exhibition at the Tan Binh Exhibition and Convention Centre from April 9 to 12, Roy said.
The event would provide Vietnamese manufacturers an opportunity to see Indian synthetic, rayon, and blended textile items made by 21 leading Indian textile companies like Raymond Ltd, RSWM Ltd, and Sutlej Textile & Industries Ltd under one roof.
"India is capable of supplying textiles in both small and big lots, with the quality of products as desired by the buyers, and our prices are competitive.
"India is not a competitor to Vietnam but a collaborator, [and] optimising the synergies will create a win-win situation for both countries."
The Indian textile industry's annual output was worth around US$100 billion and exports, around US$40 billion.
Indian man made fibre and textiles were exported to more than 140 countries.
The highly sophisticated and quality-conscious European Union was the largest destination for Indian MMF textiles, accounting for 28% of total exports.