VN, India seek closer textile industry ties
VN, India seek closer textile industry ties
India, which supplies about 1 per cent of all textile machinery to the Vietnamese textile and garment industry, wants to increase that ratio in the coming years, a business meeting heard in HCM City on Thursday.
Speaking at the event, Smita Pant, the Indian consul general in HCM City, said “While we are exporting over US$450 million worth of textile machinery to the world, the export to Viet Nam is about $400,000.”
Viet Nam imports a lot of textile machinery from China, South Korea and Taiwan but not from India, she said.
She called for more exchanges between the two countries to promote co-operation in the textile sector.
The event was attended by executives from eight member companies of the Indian Textile Accessories and Machinery Manufacturers Association (ITAMMA), who met with their Vietnamese counterparts to exchange information and explore business opportunities.
Kishore Khaitan, ITAMMA’s chairman, said India offers quality textile machinery at more competitive prices than Europe.
“We can offer you solutions customised to meet your requirements for upgrading, modernising and meeting the needs of the market in terms of developing innovative products.”
Nguyen Thi Tuyet Mai, deputy general secretary of the Viet Nam Textile and Garment Association, said Viet Nam is the fifth largest garment and textile exporter in the world with exports of $28.5 billion last year.
But it imports a lot of the raw materials and equipment used in the industry, she said.
Since India has strength in textile machinery, technology and raw materials and Viet Nam is dependent on imports, they could mutually benefit by co-operation, she said.
Under the ASEAN-India FTA and the upcoming Regional Comprehensive Economic Partnership (RCEP), garment and textile products are among the items the two countries would cut tariffs on, she said.
So it would be an opportunity for Vietnamese firms to expand their sources for machinery, equipment and raw materials, she said.
ITAMMA on Thursday also signed memorandums of understanding with the Viet Nam Textile and Garment Association and Incham to promote co-operation in the textile sector between India and Viet Nam.
ITAMMA plans to set up a technology service centre for the textile industry in Viet Nam to enable its members to access the Vietnamese market, Khaitan said.
The centre would not only offer machinery and parts, but also have a training centre for upgrading the skills of technicians working in the Vietnamese textile industry, he added.
