Illustrative image. (Source: VNA)Hanoi (VNA) – Most types of yarn and woven and knittedfabrics originating from India will be exempt from customs duties in Vietnamfrom January 1, 2019, under the ASEAN – India Trade in Goods Agreement (AITIDA).
India is among the world’s major exporters of high-quality textile rawmaterials and machinery at competitive prices, said President of the Ho ChiMinh City Association of Garment, Textile, Embroidery and Knitting Nguyen XuanHong.
Many Vietnamese textile and garment firms are exploring the giganticmarket of 1.3 billion people in India by investing in manufacturing yarn,fabrics, ready-made garments and more, he noted.
Meanwhile, Vietnam has become an appealing destination for Indianinvestors largely due to competitive labour costs and preferential policies forthe textile and garment industry. Vietnam has helped Indian textile and garmentmanufacturers up production sites in the country to take full advantage of tradedeals Vietnam has signed.
Vietnam Customs statistics show that inthe first eight months of 2018, garment and textile trade between Vietnam andIndia reached 799 million USD, up 35 percent from the same period last year.
Vietnam’s imports of Indian cotton werevalued at 343.8 million USD, up 46 percent against the previous year, while thecountry’s exports of garment and textile products hit 203 million USD, up 20percent.
The two countries’ bilateral trade in textileshas registered impressive growth during the last two years, according tothe Indian Consulate General in Ho Chi Minh City.
Vietnam – India trade hit 7.62 billion USD last year and isexpected to reach nearly 10 billion USD by the end of this year, up 47 percentyear on year. –VNA
VNA
