India Eyes Vietnam as Key Textile Export Market

Indian textile and garment companies are striving to boost their shipments to Vietnam, which is considered one of the largest export markets for their textiles and garments in the coming time.

 

As one of the world leading countries in producing synthetic textiles, India has exported many kinds of cloth, fabric, silk and clothes to Vietnam.

To boost exports to Vietnam, an exhibition to showcase Indian garment and textile products are taking place in Ho Chi Minh City with the participation of 21 Indian leading firms in the field. The event is expected to provide opportunities for Vietnamese and Indian businesses to do business with each other.

Indian textile export revenue to Vietnam between 2005-2006 increased to $8.62 million as compared to $7.31 million during the 2004-2005 period.

Although garments and textiles are the Vietnam’s second largest forex earner after crude oil, the country annually spends much money importing textile and garment materials and accessories.

 

In the first eight months of 2006, Vietnam is estimated to earn $3.93 billion from textile and garment exports, an increase of 28.2 per cent on-year while it imports an estimate of $1.31 billion worth of textile and garment materials and accessories and leather, down 10.2 per cent on-year.