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bet88 slotVietnam, India weave sustainable textile partnership
Vietnam can meet India’s rising demand for high-quality polyester fabrics, an estimated .2 billion market annually.
The textile and garment industries of both Vietnam and India hold significant potential for collaboration, offering mutual benefits bet88 slot raw material supply, production capacity, and trade expansion.
Mr. Bui Trung Thuong, Commercial Counselor and Head of the Vietnam Trade Office bet88 slot India, was quoted by Radio the Voice of Vietnam as stating bet88 slot an online seminar on Vietnam-India cooperation bet88 slot the textile industry, held by the Vietnam Trade Office bet88 slot India on May 23, that Vietnam ranks among the world’s top three textile and garment exporters, achieving over billion bet88 slot export turnover bet88 slot 2024, a 10.1% increase from 2023.
The sector employs more than 3 million workers but remains heavily dependent on imported materials from China, which account for 57% of the total, necessitating urgent supply chain diversification.
Mr. Thuong emphasized that India, with its competitive advantages bet88 slot cotton, yarn, and textile machinery production, along with preferential treatment under the ASEAN-India Free Trade Agreement (AIFTA), can serve as a key strategic trade partner of Vietnam, bet88 slot alignment with the comprehensive strategic partnership between the two countries.
Strengthening trade ties could help Vietnam reduce dependence while saving input costs by 22-27%, according to Mr. Thuong. Conversely, Vietnam can meet India’s rising demand for high-quality polyester fabrics, with an estimated .2 billion market annually, he added.
From the Indian perspective, Mr. Shri Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), noted that India’s textile and garment industry—valued at 0 billion, with billion bet88 slot exports bet88 slot 2024—operates under a closed value chain, spanning yarn to finished products.
He emphasized that Vietnam is an ideal partner to help develop a high-value and adaptable supply chain, especially amid the post-pandemic global supply chain restructuring and ongoing trade conflicts.
Meanwhile, Mr. Rajesh Bhagat, Chairman of Worldex India, a trade fair organizer, encouraged Vietnamese and Indian businesses to enhance their presence at specialized exhibitions, fostering direct connections, contract agreements, and expanded cooperation bet88 slot machinery, technology, and supply chain development.
