Vietnam firms advised to invest in Indian garment market
Updated : Tuesday, April 17, 2018 9:22 AM (GMT+0700)

Arepresentative of the Indian Consulate General in Ho Chi Minh City recommendedVietnamese companies look for investment opportunity in the Indian market of1.3 billion people, particularly in garment and textiles.

 
Illustrative image - Source: VNA

Currently Vietnam and Indiaare among the five leading garment exporters in the world. Last year, the valueof India apparel exports to Vietnam grew 44 percent to 429 million USD, whileVietnam’s shipment of garment-textile products to India reeled in 178 millionUSD, an annual increase of 42 percent.

The Indian Government isallowing 100 percent foreign direct investment (FDI) in single-brand retail viaautomatic route, which means foreign investors can pour money into the marketwithout prior permission from the authorities. Vietnamese garment companies cantake advantage of the policy by investing in the production of threads, fabricsand ready-made clothes.

It was estimated thatbetween April 2017 and January 2018, Vietnam – India trade reached 10.39billion USD, surpassing the figure of 10.13 billion USD recorded from April2016 to March 2017.

Improving trade transactionsand connectivity have been classified as a strategic target by the twocountries’ leaders.

The two countries aim tobring bilateral trade to 15 billion USD by 2020.

Last year, Vietnam exported31 billion USD worth of textile and garment products, up 10.23 percent from thesame period last year while its imports of textile and garment materials,mostly yarns and fabrics, amounted to 19 billion USD.

Source:VNA

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