A delegation of leading Indian cotton manufacturers and exporters under the Cotton Textiles Export Promotion Council of India (Texprocil) met with executives of Vietnamese companies in HCM City yesterday to seek trade and investment opportunities.
Vo Tan Thanh, director of the Viet Nam Chamber of Commerce and Industry in HCM City, said despite facing many difficulties, the local garment and textile industry achieved good results in the first half of the year.
Its export revenue in the period topped US$6.16 billion, an increase of 30 per cent over the same period last year.
The sector expects to earn an estimated $13.2 billion to $13.5 billion from garment and textile exports this year, surpassing the year's target of $13 billion, he said.
However, to achieve that goal, Thanh said the sector must import a large volume of raw materials, including cotton, from other countries since local sources were unable to satisfy demand.
Amit Ruparelia, Texprocil chairman, said "Viet Nam had emerged as a leading exporter of garments and was constantly on the look-out for high quality cotton textiles including cotton yarns and fabrics."
As one of the world's leading suppliers of textiles and clothing, Indian businesses can supply any kind of raw material used in textile and garment production to Vietnamese partners, he said.
The imports of cotton textiles from India to Viet Nam have more than doubled since 2009, he said, adding that last year Viet Nam spent $50 million to import cotton textiles from India.
Abhay Thakur, Consul General of India in HCM City, said trade between Viet Nam and India had risen sharply in recent years.
Last year it rose by more than 34 per cent over 2009, reaching $2.75 billion. In the first four months of this year, it was worth $1.26 billion and could reach $4 billion by year-end, he said.
"Texprocil has come here not to compete with the Vietnamese industry, but to work in co-ordination with it so that the competitive advantage of both countries is utilized to mutual benefit," he added.