In order to secure a greater share of Vietnamese market, a delegation comprising representatives of Indian cotton textile companies is currently on a visit to Vietnam.
Interacting with representatives of Vietnamese businesses in HCM City, Manikam Ramaswami, chairman of Cotton Textiles Export Promotion Council of India (Texprocil), said India’s share in Vietnam’s cotton imports was only 1.6 percent, whereas the share in Vietnam’s cotton yarn and cotton fabric imports was 16.5 percent and 0.58 percent, respectively.
Mr. Ramaswami said India’s share in Vietnam’s cotton textiles and cotton yarn imports has gone up from 1.3 percent and 13 percent registered in the previous year. However, India’s current share in Vietnam’s cotton textiles imports was still much below India’s average international share of 26 percent, he added.
India is a leading producer of quality yarns and fabrics, and it has increased the export of these items to China and Pakistan in recent years. Indian textiles can also be a good partner for Vietnamese textile industry and help it reduce its cost of production, Mr. Ramaswami said.
In 2013, Vietnam’s textile and yarn imports from India grew by a sharp 46 percent year-on-year to US$ 419 million, while its garment and textile exports to India shot up by 38 percent year-on-year to $77 million.
The meeting was co-organised by the HCM City branch of the Vietnam Chamber of Commerce and Industry (VCCI), India’s Texprocil and Pdexcil (Powerloom Development and Export Promotion Council), with support from the Indian Consulate General in HCM City.
The Indian business delegation would be visiting Cambodia before returning back.