Strengthening cooperation with India will help Vietnam’s garment and textile industry enhance competitiveness and boost exports, said delegates at the virtual seminar themed: ‘Promoting Vietnam-India business relations in the areas of garments, textiles and health’. Organized by the Vietnamese Embassy in India on September 10, the seminar was attended by 250 enterprises, scholars and policymakers from the two countries in the three aforementioned fields.
Pham Sanh Chau, Vietnamese Ambassador to India emphasized on the significant changes in the world’s geo-political picture with rivalry and competition between major powers, and tensions and disputes in the area of security affecting economic issues. In addition, supply chains are facing multiple challenges due to the disease, thus hurting global trade. However, this can be an opportunity for India and Vietnam to promote bilateral relations and complement each other, thereby contributing to the recovery and enhancement of supply chains in important fields, he said.
Delegates lauded Vietnam’s economic achievements in recent years with an average annual growth rate of 6-7 per cent. Vietnam is also a popular destination for foreign direct investment (FDI) with its signing of more than 10 free trade agreements (FTAs).
Ashok Juneja, President, Textile Association (India) said, garments and textiles are a key export sector of Vietnam with revenue of up to $36 billion, equaling India’s $38 billion in value terms. However, India exports $16 billion of garment and $22 billion of textile products, while Vietnam exports up to $31 billion of garments and only $5billion of textile items. Therefore, the two countries have ample space to boost cooperation in this area. Juneja added, India can boost Vietnam textile and garment industry by exporting natural fibers such as cotton, jute, silk and wool, to synthetic fibers such as polyster and nylon.