India is considering establishing a textile park in Vietnam to promote trade and investment in the man-made fiber and fabric industries between the two countries.
Previously, the Indian Prime Minister announced a US$300 million loan line for Vietnam to purchase materials and textile machinery. Indian companies are also studying the development potential of investing in and setting up textile processing plants in Vietnam.
The Indian Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) calls on its members to provide draft suggestions on this concept. SRTEPC stated that Vietnam’s textile industry is growing rapidly. It is expected that the Trans-Pacific Partnership Agreement (TPP), which is being negotiated by 12 countries, including the United States and Canada, will bring more growth opportunities to Vietnam’s textile industry and can bring about a new direction for Vietnam’s textile industry. Come to a broad space for development.
During the Vietnamese Prime Minister’s visit to India in October 2014, the two countries agreed to further deepen their cooperative partnership, especially in the textile industry.
SRTEPC pointed out that this cooperation can improve market access and integrate the global supply chain system of the Indian textile industry. At the same time, the Secretary-General of SRTEPC suggested that the textile industry should discuss with the Export-Import Bank and propose a blueprint for the implementation plan for investing in the textile park.
The textile park is likely to be located near Ho Chi Minh City, the economic center of southern Vietnam. Vietnam is one of the world’s major suppliers of garment products because most of its production raw materials rely on imports, especially from mainland China.
India considers building textile park in Vietnam
India is considering establishing a textile park in Vietnam to promote trade and investment in the man-made fiber and fabric industries between the two countries. Previously, the Indian Prime Minister announced…
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