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Vietnam, India to jointly develop textile industry

The governments of Vietnam and India have prioritised development in garment-textiles industry to enhance bilateral trade and build a supply chain for the sector in the future. Currently, India owns a strong fiber and yarn production industry that produces all kinds of fabric and supporting materials available in the market. India also produces and exports textile products from synthetic yarn, a material fabric that is being used widely in the world garment industry with high expansion prospects in the future.

Meanwhile, Vietnam is in the top five garment exporters in the world with export turnover reaching $ 31 billion in 2017. However, Vietnam has had to import a large volume of materials for the sector, with US$ 19 billion in import value in 2017. India and Vietnam can thus supplement each other in the supply chain of the garment sector, the two-way trade in the area remains modest. In order to promote cooperation and improve trade in the sector, India has set a target of exporting $1 billion in materials to Vietnam in the coming time.

This cooperation in the garment and textile sector between Vietnam and India will pave the way for enterprises of both sides to optimise their strengths and advantages. Vietnam will benefit from more materials, technology and equipment for production, while India can expand its markets.

 

 
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