A 13-member delegation representing Denim Manufacturers Association (DMA) and Northern India Textile Mills Association (NITMA) recently visited Vietnam to explore the market. Some textile players stirred by the proposed textile park that is likely to come up near the Southern Vietnam economic hub of Ho Chi Minh City are eyeing at investment opportunities there.
Vietnam is one of leading source countries for apparel and is dependent on other nations such as China for textile input.
According to Siddhartha Rajagopal, executive director, the Cotton Textiles Export Promotion Council, there are opportunities in spinning and fibre segment. Several companies are in fact studying the potential of setting up units in Vietnam. The only issue is that the Vietnam government wants that yarn should be made in their country itself.
During his own visit, Prime Minister Narendra Modi had offered $300 million line of credit to Vietnam to buy materials and textile machinery. India is currently looking at the possibility of setting up a textile park in Vietnam, a move that is likely to boost trade and investment in man-made fibres and fabrics between the two countries.
The Synthetic and Rayon Textiles Export Promotion Council of India has also called for feedback from its members to put together a draft proposal on the textile park.
Vietnam's textile industry has been witnessing steady growth over the recent years and is poised to become the next textile and garment hotspot as it is likely to benefit hugely from Trans-Pacific Partnership Agreement which is being negotiated among 12 countries including the US and Canada. After China, Vietnam is the second biggest exporter to the US, even ahead of India.
Earlier this month a delegation including the heads of companies such as Anubha Industries, Raymond UCO Denim Pvt Ltd, Mafatlal Industries Ltd, Soma Textile & Industries Ltd, Vinod Denim Ltd, Modern Denim Ltd, the secretary general of NITMA, and the company secretary of DMA, among others visited Vietnam.
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