At an online seminar held on May 23, Vietnamese and Indian industry leaders called for deeper cooperation in the textile and garment sectors, highlighting vast untapped potential between the two emerging textile powerhouses. The event was organized by the Trade Office of the Vietnamese Embassy in India.
Bui Trung Thuong, Trade Counsellor at the Vietnamese Embassy in India, emphasized Vietnam’s impressive performance in 2024, with textile export revenue reaching US$43.7 billion, marking a 10% increase from the previous year. This solidified Vietnam’s position as the world’s third-largest textile exporter, following China and Bangladesh.
However, Thuong noted that Vietnam’s industry remains heavily dependent on imported raw materials, with 65% of input materials sourced externally, particularly from China. This reliance creates both vulnerability and an opportunity for diversification.
“In this context, India presents itself as a strategic partner with abundant supplies of cotton and cotton fiber, which could help Vietnam reduce input costs,” he said. He also pointed to the ASEAN-India Trade in Goods Agreement as a vehicle for tariff preferences that could enhance competitiveness on both sides.
Representing India, Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), highlighted India’s growing textile sector, which reached a scale of US$170 billion in 2024, with US$37 billion in export value. Mehra emphasized India’s increasing demand for high-quality polyester fabrics and synthetic fibers, a US$1.2 billion market, presenting significant opportunities for Vietnamese exporters.
Truong Van Cam, Vice Chairman and General Secretary of the Vietnam Textile and Apparel Association (VITAS), acknowledged that while trade is growing, current cooperation remains below its full potential. He urged businesses to enhance connectivity, exchange technology, and prioritize green production practices to meet global sustainability demands.
Cam also pointed out that Indian textile machinery could be a cost-effective solution for Vietnamese manufacturers, being 30–40% cheaper than European equipment.
urthermore, silk production was identified as a promising area of collaboration, with Vietnam known for its high-quality silk fibers and India possessing a rich and diverse silk industry.
The seminar marked the second event in a trade promotion series spearheaded by the Vietnamese Trade Office in India. These efforts are aligned with the mutual goal of boosting bilateral trade turnover to US$20 billion in the near future.
