Vietnam Textile Industry Welcomes India Manufacturers To Invest In Production Of Raw Materials Factories In Textile And Garment Industry In Vietnam
According to the Ton Sinh Thanh of Vietnam's embassy in India, the country held a conference on investment opportunities in Vietnam, Kampuchea and Laos in Coimbatore (Coimbatore) of the southern region, with 70 remaining India.
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The industry group includes the famous printing companies Laxmi Group, The Kurd and Mls Group, Elgi Equipments, KG Denim, Equipments, and the company attended the meeting, and discussed with Vietnamese manufacturers and representatives of Vietnam Industrial Zone developers to find opportunities for Vietnam to invest in cooperation.
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Recently, the booming development accounts for a high proportion of Vietnam's total export volume, but Vietnamese manufacturers still have to rely on imported raw materials, including India yarn and cloth.
As the member states of the p Pacific Economic Partnership Agreement (TPP) will adopt the "origin of -Yarn forward" rules of origin recognition, the expansion of investment and production in Vietnam or the import of textile raw materials from TPP member countries can enjoy TPP tariff preferences. This is a good opportunity for India manufacturers to invest in textile raw materials in Vietnam in the future.
India is the second largest supplier of cotton, fiber, fabric and cotton yarn in the world. The annual output of textile raw materials is about US $100 billion, of which the export material is US $40 billion.
Vietnam (2015) imported 550 million dollars of yarn, fiber and cloth from India.
Vietnam textile and Garment Association (VITAS) and Vietnam textile and garment corporation have received more than 10 delegations from India textile manufacturers last year to discuss the feasibility of India manufacturers investing in Vietnam to enjoy Vietnam's export tariff preferences in TPP specifications.
Nguyen Son, Vietnam's cotton yarn Association, said that Vietnam's textile industry welcomes India manufacturers to invest in Vietnam's raw materials factories for textile and garment industry, so as to reduce the risk of Vietnamese manufacturers' imports.
According to VITAS statistics, Vietnam spent about $16 billion on imported raw materials in the past year, of which cloth accounted for more than US $10 billion.
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