The 3rd meeting of Vietnam-India Joint Sub-Commission on Trade was held on March 15. (Photo: VNA)
New Delhi (VNA) – Vietnam and India have made significant progress in textile and garment trade last year, said Deputy Minister of Industry and Trade Do Thang Hai on March 15.
He made the statement at the third meeting of the Vietnam-India Joint Sub-Commission on Trade in New Delhi, India the same day.
Opening the meeting, Indian Commerce Secretary at the Ministry of Commerce and Industry Rita Teaotia hailed the strong ties between Vietnam and India. She also spoke highly of Vietnam as current coordinator between India and the Association of Southeast Asian Nations (ASEAN) from 2015-2018.
The partnership between the two countries has been further developed in multiple fields, including textiles and garments, she said, but noting that little progress has been made on pharmaceuticals.
Teaotia suggested the two sides enhance information exchanges, particularly in trade and commerce, as well as to strengthen connections in air and sea transportation.
Deputy Minister of Industry and Trade Do Thang Hai stated that bilateral cooperation has seen notable progress since the 2nd meeting of the Vietnam-India Joint Sub-Commission on Trade in Hanoi last year; the highlight being textiles and garments, followed by energy and industry, footwear and chemicals.
To further cement economic ties, the deputy minister recommended the two nations enhance regional value chains and identify ways to support businesses. He also urged that India’s privileged credit package worth 300 million USD for investments in Vietnam’s garment and textile sector, should take effect soon.
India can consider opening a bonded warehouse in Vietnam to reduce costs and increase competitiveness for its products, Hai suggested.
Later the same day, Hai had a working session with India’s Textiles Minister Santosh Kumar Gangwar in which he said that Vietnam enjoys the benefits of a number of FTAs, including a large market for exports, and an advantage of skilled workers in textiles and garments, while India is a big supplier of cotton and fabrics.
The two countries could complement each other and tighten their partnership so as to integrate into global value chains more deeply, he noted.
Minister Gangwar said he would propose to the Indian government that it helps address the remaining challenges in the two sides’ cooperation in textiles and garments, and that he hopes the upcoming visit of President Narendra Modi to Vietnam will give a push to that end.-VNA
