Vying for a bigger share of the Vietnamese market, Indian cotton textile companies met with Vietnamese businesses to promote the benefits of enhanced trade. At the meeting were representatives from more than 20 companies from India, one of the biggest cotton textile manufacturers in the world. Manikam Ramaswami,
Vying for a bigger share of the Vietnamese market, Indian cotton textile companies met with Vietnamese businesses to promote the benefits of enhanced trade.
At the meeting were representatives from more than 20 companies from India, one of the biggest cotton textile manufacturers in the world.
Manikam Ramaswami, chairman of India's Cotton Textiles Export Promotion Council, said that in most markets the council had been able to reach a respectable level of trade fairly quickly.
However, in Vietnam, their share in cotton textiles was only 1.6%, up from 1.3% last year, he said.
Their share in cotton yarn too was still far below India's average international share of 26%, just 16.5%, up from 13 % last year.
“Vietnam needs quality yarns and fabrics at the right price. India is the world's most competitive manufacturer of these products and has rapidly increased its exports to Pakistan and China,” he said.
According to the Viet Nam Chamber of Commerce and Industry (VCCI), bilateral trade turnover in the industry has developed strongly in recent years.
Last year, Vietnam exported more than $77 million of garments and textiles to India, a jump of 38% year-on-year. Meanwhile, it imported $419 million of textiles and yarn from India, a surge of 46%.
“India has great potential as a supplier for the Vietnamese garment and textile sector,” said Vo Tan Thanh, head of VCCI in HCM City.