Vietnam was among the top five textile and clothing exporting countries along with India.

Its exports exceeded US$31 billion last year, a year-on-year growth of 10.23 per cent.

According to Indian government figures, during the 2017-18 fiscal year, India’s textile and clothing exports were worth around $36.7 billion. Its exports to Viet Nam grew by 42 per cent to $555 million.

Viet Nam had to import a lot of raw materials and was looking to diversify its sourcing of raw materials for garments such as cotton, yarn, made-ups and fabric, he said.

India is one of the suppliers of high-quality materials, fabric and machinery at competitive prices globally.

Also, under the India-ASEAN FTA, most types of cotton yarns, woven cotton fabrics and cotton knit fabric could be imported duty free from India from January 1 next year

According to the Vietnam Cotton and Spinning Association (VCOSA), Indian companies are strong in making cotton fabrics and textiles. When investing in Viet Nam, Indian firms would get tax breaks from FTAs that Viet Nam has signed or would be signing.

The Indian Government allows 100 per cent foreign direct investment under the automatic route in many sectors, including textiles.

Importers and buyers from Viet Nam who are interested in sourcing from India can benefit from a subsidised scheme for hotel stay and travel by visiting the show in India.
 

VITIC & VIA

25-11-2018
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