Apparel Online India Magazine April 1st Issue 2019 | Page 18

TEX-FILE
India and Vietnam
Building the textile bond
Vietnam Customs Statistics, in one of its
recently released data, affirmed about the
growing apparel and textile trade relations
between Vietnam and India. The garment
and textile trade between both the
countries touched US $ 799 million during
the January to August period in 2018 –
an astronomical increase of 35 per cent
from what it was in the first eight months
of 2017. The huge contribution made
by Indian textile companies in Vietnam
especially over the last decade is a well-
known fact. Some of the Indian companies
that have made it big in Vietnam are few
of the success stories that have become
exemplary, be it that of Saitex, Classic
Fashion Apparel, Premco Global, Premier
Fashion and some others.
M
aksym Sukhanov, General
Director, Maximum Sourcing
Co. Ltd., was quick to add, “We have
contributed significantly to the 35
per cent jump in the bilateral textile
trade between India and Vietnam.
70 per cent of our denim fabrics are
from India whereas 30 per cent are
from Pakistan.” Maximum Sourcing is
a design-to-delivery garment supplier
that majorly makes jackets, jeans and
ladies dresses. Elucidating further on
the same, K. Srikar Reddy, Indian
Consul General in Ho Chi Minh City,
said that Vietnam holds an important
place in Indian Government’s Look
East Policy. Through 175-plus
projects, India has invested nearly
US $ 814 million in Vietnam, thereby
standing 28th among 126 countries
investing in Vietnam. While speaking
at a conference, Reddy added that
under India’s ‘automatic route’
policy, overseas investors can invest
in India without seeking any approval
from the Government in advance.
He also said that Vietnamese
apparel and textile firms can take
complete advantage of this policy
and the market potential to produce
yarns, fabrics and readymade
apparels in India.
ESSENTIALS
Considering
the pace and
consistency at
which the textile
trade relations have
grown between
both Vietnam and
India in 2018, it will
not be a surprise
to see both the
countries give a
new dimension to
their relations in
2019.
India and Vietnam have realised
the importance of each other’s
contribution in enhancing
trade relations, which in turn is
instrumental in driving social and
economic development of both the
nations. Parvathaneni Harish, Indian
Ambassador to Vietnam is also
positive that the co-operation between
both the countries especially in the
apparel and textile sector will remain
one of the key priorities in their efforts
to increase the bilateral trade value to
US $ 15 billion by 2020. Presently, India has a strong fibre and
yarn production industry that has
been successfully producing almost
all kinds of fabric and supporting
materials available in the market,
making the country one of the three
largest textile product manufacturers
in the world. “Some specialised yarns
are not available in Vietnam, but from
India, we are able to import lots of
high quality yarns. Our sourcing is
very strong in India and this gives us
an advantage as we get the sourcing
support here in Vietnam also,” said
Kamal Mangwani, Vice General Director,
Premco Global Vietnam Maksym Sukhanov, General Director,
Maximum Sourcing Co. Ltd.
18 Apparel Online India | APRIL 1-15, 2019 | www.apparelresources.com