Indian businesses are seeking opportunities in Vietnam market to boost export of textile machines and equipment, said N.D. Mhatre, Director General (Technical) of the Indian Textile Accessories and Machinery Manufacturers Association (ITAMMA) at a Vietnam-Indian business exchange programme co-held by ITAMMA and the Consulate General of India in HCM City on July 20.
As one of the world’s leading textiles and garment exporters, Vietnam has a growing demand for machinery and equipment, thereby creating big opportunities for Indian firms.
Therefore, Indian enterprises wish to boost trade promotion and business networking in the garment and textiles sector in order to build up long-term cooperative ties.
In addition, ITAMMA plans to set up a textiles-garment technology centre in Ho Chi Minh City to introduce machines, equipment and provide after-sale services to Vietnamese customers. It will also serve as a venue for the two countries’ businesses to exchange and update on the latest technologies in the field.
Participants shared a view that Indian businesses have opportunities to supply machines and equipment with affordable prices to the Vietnamese market as machines imported from Europe have high prices.
Nguyen Thi Tuyet Mai, Vice General Secretary of the Vietnam Textile and Apparel Association (VITAS), also affirmed that India is an important trade partner of Vietnam in the field of garment-textiles and machinery, while Vietnam is a potential market for Indian businesses.
This is a convenient time for Vietnamese and Indian companies to enhance cooperation in the garment-textiles sector, she said, suggesting that Indian firms should work with Vietnamese fabric and textile factories to create material supply chains in Vietnam, bringing long-term benefits to both sides.
India’s export turnover of textiles-garment machinery and equipment surpassed US$400 million in 2016, but its earnings from Vietnam reached only US$400,000.