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India to boost textile trade with Vietnam

Not satisfied with its trade in cotton and textiles with Vietnam, India is now looking at pushing up business. The market share of Indian cotton fiber in Vietnam was 16.5 per cent last year, far below the average level in other markets. Cotton fabric has a 0.58 per cent market share in Vietnam – much lower than the average world level of 26 per cent. As a result, a 20-member business delegation operating in fabric, cotton fiber, denim and jeans cotton from India is visiting Vietnam to seek cooperation opportunities in that country.

In 2013, Vietnam exported garments and fibers worth over $77 million to India, a year-on-year increase of 38 per cent. It imported $419 million worth of garment materials from the South Asian country, up 46 per cent. India feels it can supply Vietnam quality yarns and fabrics at the right price since India has emerged as the world's most competitive manufacturer of these products. Indian textiles are seen as a good partner for Vietnamese textiles to reduce cost of production.

Despite inflation, rising labor costs and a limited value chain for textiles, Vietnam is still one of the fastest growing textile and apparel producers. By 2025, the Vietnam textile and garment industry is expected to produce $35 billion worth of apparel exports, double the current production.

 
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