The Vietnam - India textile cooperation conference was held on Monday in Ha Noi, on the occasion Doan Duy Khuong, vice chairman of the Viet Nam Chamber of Commerce and Industry (VCCI), said that India had great opportunities to provide raw materials for Vietnamese textile industry.
Vietnam needs more than 500,000 tonnes of cotton per year to meet rising demand. The domestic garment and textile sector had to import a large quantity of cotton as the country's cotton output met only 1 per cent of local producers' demand, said the chairman.
India is the world's second largest manufacturer of cotton, silk, cotton cellulose, and fibers with approximately US$100 billion in revenue a year, of which $40 billion was from exports.
Bilateral cooperation in textile and garment sectors has drawn the attention of leaders and business communities of Vietnam and India.
On the occasion of the visit to India by Prime Minister Nguyen Tan Dung in October 2014, the Indian Government offered a $300 million line of credit to Vietnam as an impetus to accelerate textile trade and investment between the two countries, said DoThang Hai, Deputy Minister of Industry and Trade.
Through the conference, the Indian side had fruitful discussions about the operation of the credit line with Vietnamese agencies and enterprises in the future, said Vishvajit Sahay, joint secretary of the Department of Heavy Industry under Indian Ministry of Heavy Industries and Public Enterprises.
The Vietnam textile industry had grown significantly in the past recent years and will continue developing in the future, said Khuong, VCCI deputy chairman.
Vietnam's garment industry, whose exports are growing at 20 percent per year with a turnover forecast at $40 billion in 2020, accounts for 20 percent of the country's gross domestic product (GDP).
The bilateral trade ties between Vietnam and India have witnessed significant growth with total trade turnover of $5.59 billion in 2014, increasing by 9.84 per cent compared to 2013.
Vietnam has exported $2.5 billion of products to India and imported goods valued at $3.13 billion from India. Total trade between the two countries reached more than $3 billion through the first seven months of this year.
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