Trade exchange between Vietnamese and Indian garment businesses held

An Indian delegation including 16 leading groups and corporations in the field of garments and textiles held a trade exchange to learn about the market and seek cooperation opportunities with Vietnamese counterparts in Hanoi on June 29.

Indian businesses producing garment input materials committed to provide assistance with technology to Vietnamese enterprises and supply high-quality materials for this market, said V.S Velayutham, Chairman of the Cotton Textiles Export Promotion Council of India (Texprocil).

According to Nguyen Thi Hong Tin, Director of Market Research & Promotion Department of the Vietnam National Textile and Garment Group (Vinatex), Vietnam’s garment exports can look forward to a year of good growth. In the first six months it reached US$4.65 billion and it’s on track to achieve the goal of US$10.5 billion by the end of this year.

However, the garment industry’s development is still encountering many difficulties because most source materials must be imported. To address this, Vietnamese businesses need to step up cooperation with Indian businesses to better serve production in the future, Mrs. Tin noted.

In recent years, India’s garment exports to Vietnam have steadily risen. In 2008, India exported about US$80 million of cotton cloth and US$57 million of garment input materials to Vietnam. However, at a time when Vietnam has become one of the top ten biggest garment exporting countries in the world, that number falls short of its potential, Mr. Velayutham added.

The leader of Texprocil also expressed the hope that strategic cooperation between Vietnamese importers and Indian companies would be strengthened through trade exchanges, exhibitions and fairs, especially through Vietnamese participation in the India International Garment Fair in February, 2011. – VOV

Tags: Vietnam Garment industry, Vietnam India trade