13 Apr 18
Vietnam’s textile sector is growing rapidly but in an unbalanced manner due to limited domestic supply of raw material like cotton, according to Truong Van Cam, vice president of the Vietnam Textile and Apparel Association (VITAS), who expects India to support his country’s manufacturers procure quality yarn and fabric at reasonable prices.
If supply capacity is not improved, Vietnam cannot take full advantage of benefits of free trade agreements, he cautioned speaking at a recent conference ‘Textiles: India -Vietnam Cooperation, Partners in Progress’ in Ho Chi Minh City organised by the Consulate General of India there.
Consul General K Srikar Reddy said more Indian investors are interested in engaging in business with Vietnam. India runs 176 foreign direct investment (FDI) projects in Vietnam with a total investment of $814 million, making it Vietnam’s 28th largest investor, according to a report in a Vietnamese news portal.
India’s textile-garment shipments to Vietnam hit $429 million in 2017, a year-on-year surge of 44 per cent while its imports from Vietnam were estimated at $178 million, up by 42 per cent. The two countries aim to bring bilateral trade to $15 billion by 2020. (DS) (Source: fibre2fashion.com)