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Vietnam hopes India would help it acquire quality fabric and yarn

Truong Van Cam, Vice-President of the Vietnam Textile and Apparel Association (VITAS), hopes that India would help Vietnam acquire quality fabric and yarn at reasonable prices. He states that the textile segment in Vietnam is growing a great pace, but in an uneven way because of inadequate supply of raw material such as cotton.

At a recently held conference, Textiles: India-Vietnam Cooperation, Partners in Progress’ in Ho Chi Minh City organised by the Consulate General of India in Vietnam, the VP added that his country would be unable to avail full advantage of benefits of free trade agreements if the supply capacity doesn’t improve.  

More Indian investors are interested in doing business with Vietnam according to Consul General K Srikar Reddy. Also, as per a report on a Vietnamese news site, India runs 176 foreign direct investment (FDI) projects, totalling to $814 million, in Vietnam. This makes India Vietnam’s 28th largest investor.

 

Textile-garment shipments to Vietnam from India reached $429 million last year, which is a year-on-year surge of 44 per cent. Meanwhile, it’s imports from Vietnam reached almost $178 million, up by 42 per cent. By 2020, the two countries wish to bring bilateral trade to $15 billion.

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