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Vietnamese and Indian Chambers of Commerce pursued collaboration prospects in the textiles and apparel industry

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india-vietnamThe Vietnamese and Indian Chambers of Commerce pursued collaboration prospects in the textiles and apparel industry in an online conference held in India by the Vietnamese Trade Board and Indian Importers. A. Sakthivel, President Apparel Export Promotion Council said that over 2% of the country’s gross domestic product constitutes the clothing and textiles industry (GDP).

It noted that over the financial year 2018-2019, the sector produced employment for over 45 million people and accounted for 15% of the total country’s export revenue, suggesting an unprecedented $100 billion of India’s textile cleaning industry in the fiscal year 2018-2019. Bui Trong Thoan of the Foreign-Invested Companies Association of Vietnam said Vietnam was a room in the dim global economy, with economic growth of 2.91 percent, combined imported and export sales revenue of 543.9 billion USD, and a trade surplus of $19.1 billion by 2020, among the few countries which posted positive growth.

Former Vietnam’s Managing Director of Vinatex, Pham Minh Huong, said Vietnam was the third-largest exporter of apparel textiles, behind China and India worldwide. By the end of December 2020, commodity export sales declined by 14 percent to $34 billion, which reflects a decrease of around 10-15 percent in the first year after decades of growth. But the sector is expected to increase exports by 9-15 percent in 2021, she added.