Indian apparel and textile exports to Vietnam have grown 48 per cent from 2016-2017 to 2018-2019. However, India’s share in Vietnam’s manmade fiber textile imports is just 3.34 per cent. And India’s share in Vietnam’s total textile imports is just 2.29 per cent. But the textile trade between both countries has been on the rise in the last two years. In the first ten months of 2018, bilateral trade was up 47 per cent over the same period in 2017, bringing the countries closer to the target of 15 billion dollars in two-way trade in 2020.
The free trade agreement with Vietnam can enable India to make use of the market access. Indian firms have been invited to invest in Vietnam’s yarn, fabric and dyeing industries. For Vietnam, most types of yarns, woven and knit fabrics can be imported duty-free from India. Vietnamese companies have been invited to participate in a buyer seller meet to be organised in Coimbatore, March 17 to 29, 2020. Visitors from 40 countries are expected to participate in the event for sourcing varieties of yarns, fabrics, made-ups, home textiles and technical textiles from India. Buyers from Vietnam will be eligible for full hospitality, including complementary return airfare, accommodation and transport.