Indian businesses are looking for opportunities to invest in Vietnam's textile and apparel industry, especially when the Vietnam-EU Free Trade Agreement (EVFTA) is about to be signed and ratified.
On the 28th December, 2017 in Hanoi, representatives of the India’s textile and garment industry visited and worked with the Bureau of for Employers' Activities (BEA) of Vietnam Chamber of Commerce and Industry (VCCI) on textile and garment import and export promotion in Vietnam’s market. The meeting involved the attendance of the representatives of the BEA; the Ministry of Labor and Employment of India; the International Labor Organization (ILO) in India; small and super small-sized textile enterprises; the Export Promotion Board of Textile and Garment; the Export Association; the advisers of the textile and garment industry in India.
Overview of the meeting
The Indian government is really interested in the textile industry. At present, India has 15% of textile production, 40% of garment exports, 40 million textile and garment workers in India. The Indian Textile has developed a complete supply chain and is one of the suppliers of quality raw materials, fibers, and fabrics at competitive prices in the world market. The export turnover of Indian textile and garment materials to Vietnam in recent years has increased by an average of 20% per year.
This is a good time for Indian businesses to learn about how Vietnamese businesses approach the world market, promote exports, especially in the garment industry.
Mr. Tran Chi Dung - Deputy Director of the Office of VCCI
According to Mr. Tran Chi Dung - Deputy Director of the Bureau for Employers' Activities, VCCI is ready to support the procedures for small and medium-sized enterprises to participate in seminars, fairs and exhibitions in India so that Vietnamese businesses can be supported to increase their production level and competitiveness, and adapt to new standards in the period of international economic integration.
In the context that Vietnam is heavily dependent on the supply of imported raw materials, expanding and strengthening cooperation with Indian firms are among the most effective solutions.
Vietnam and India need to promote cooperation in investment, raw materials export and technical support to gain development for the both countries. The participation in trade promotion programs and specialized exhibitions is an opportunity for Vietnamese enterprises to expand their supply of raw materials, to share technologies and models of successful production and business, and to together develop.