Enhanced partnership with India would improve the competitiveness and export boosts of the Vietnam textiles industry and clothing industry, said by delegates at the virtual seminar, the theme of the seminar was ‘The promotion of business ties between Vietnam and India in the fields of clothing, textiles and health.’ In the three aforementioned fields the seminar, which was hosted in India by the Vietnamese Embassy on 10 September, was attended by 250 businesses, scientists and policy-makers.
Pham Sanh Chau, Ambassador of Vietnam in India, highlighted the significant shift in the global geopolitical scenario, the rivalry and competition between major powers, and security conflicts and disputes that affect economic problems. Moreover, supply chains face various problems because of the outbreak, which damages world trade. However, it can give India and Vietnam a chance to foster and complement bilateral relations, thereby contributing to the recovery and enhancement of supply chains in key areas. Delegates praised Vietnam with an average annual growth rate of 6-7 per cent in recent years. With over 10 free trade agreements ( FTAs) signed, Vietnam is also a popular destination for foreign direct investment.
Ashok Juneja, President of the Textile Association (India), said Vietnam’s main export industry, garments and textiles, has sales of up to US$ 36 billion, which corresponds to the amount of India’s $38 billion. But India exports 16 billion dollars in apparel, 22 billion dollars in textile items, and Vietnam exports up to 31 billion dollars in apparel and just 5 billion dollars in textiles. Therefore, there is sufficient room for cooperation in both countries in this region. In addition, by exporting natural fibers like cotton, jute, silk and wool, to synthetic Fibres, such as polyester and nylon, India will enhance the textile and garment industry in Vietnam.