Illustrative image (Source: VNA) Hanoi (VNA) – Vietnamese and Indian businesses soughtpartnership opportunities in garment and textile sector during an onlineconference held by the Vietnamese Trade Office in India and the Indian Importers Chambers ofCommerce and Industries (IICI) on December 30.
According to A. Sakthivel, Chairman of the Apparel ExportPromotion Council under the Ministry ofTextiles of India, garment and textile sector makes up more than 2 percent tothe country’s gross domestic product (GDP).
The sector hascreated jobs for more than 45 million labourers and made up 15 percent of the country’stotal export revenue in the 2018-2019 fiscal year, he noted, pointing out thatthe garment-textile market of India is estimated to worth 100 billion USD inthe 2018-2019 fiscal year.
For his part, BuiTrong Thoan from the Vietnam’s Association of Foreign-Invested Enterprises saidthat Vietnam has been a bright spot in the gloomy global economy, and among thefew countries posting positive growth in 2020 with economic expansion of 2.91percent, total import-export revenue of 543.9 billion USD and trade surplus of19.1 billion USD.
Meanwhile, Pham MinhHuong, former Managing Director of the Vietnam Garment and Textile Group(Vinatex), noted that Vietnam is the current third largest garment-textileexporter in the world after China and India.
As of the end of December2020, export revenue of the product had hit 34 billion USD, down 14 percentyear on year, marking the first year of reduction after decades of growth ofabout 10-15 percent.
However, in 2021,the sector is projected to enjoy a 9-15 percent rise in export, she stated.
Over the years,India has been a supplier of materials for garment-textile firms in Vietnam,providing 7 percent of total imported materials to Vietnam in the first 11months of this year./.
VNA
