Mr. Nguyen Xuan Hong, chairman of HCMC Association of Garment and Textile (AGTEK), said that India is one of suppliers of high quality material, cloth and machines with the most competitive price in the world. The country is also a reliable partner of Vietnam.
Currently, Vietnam is promoting learning about and exploiting the 1.3 billion population market by investing in making fibre, cloth and readymade garment products.
In the opposite direction, Vietnam is an ideal destination for investors with competitive labor cost and preferential policies in the garment and textile industry.
Indian investors have had chances to establish garment and textile companies to enjoy incentives from free trade agreements and the low labor cost. In addition, they have opportunities to supply fibre, garment and textile materials and machines for Vietnam.
India-Vietnam bilateral trade turnover reached US$7.62 billion in 2017, expected to grow 47 percent over the same period last year to touch $10 billion at the end of this year.