Yarn produced for export at Dong Phat Joint Stock Company in the Thach That Industrial Zone, Ha Noi. — VNA/VNS Photo Danh Lam
Source India 2018, India’s largest manmade fiber exhibition, is expected to provide opportunities for Vietnamese textile firms to network and strengthen business relationships, Shri P Harish, Ambassador of India to Viet Nam, said at a business meeting on Tuesday in HCM City.
The event, to be held in Surat, India from September 21-23, is expected to attract the participation of around 200 international suppliers of man-made fiber and 200 global buyers in the textile and garment industry, according to India’s Synthetic & Rayon Textiles Export Promotion Council.
Exports of cotton, fabric, yarn and other textile materials from India to Viet Nam in 2017 was around US$550 million, Harish said.
He said that Indian textile companies are capable of satisfying Viet Nam’s demand for textiles and urged India’s export promotion council to increase material exports to Viet Nam.
“This would also meet a strategic objective of Viet Nam to have a more diverse supplier base for the garment industry, so there is no over-reliance on only one or a group of suppliers,” he said.
Textile and garment exports from India to Viet Nam totalled US$429 million in 2017, 44 per cent higher than 2016, according to the Indian government.
Vietnamese textile and garment exports to India were $178 million in 2017, 42 per cent higher than 2016.
Nguyen Thi Tuyet Mai, deputy general secretary of the Viet Nam Textile and Apparel Association, said that Viet Nam imports a great deal of high quality fiber, materials and technology from India.
She said that arranging a bilateral free trade agreement and setting up a bonded warehouse at Viet Nam for Indian materials would improve trade between India and Viet Nam.
In 2017, Viet Nam exported around $31 billion of garments and imported over $19 billion of materials. — VNS