Indian Textile machinery Cos to Boost Ties With Vietnam For Augment In Exports

Economy

Indian Textile machinery Cos to Boost Ties With Vietnam For Augment In Exports

Indian businesses are increasingly looking forward to ventures that afford them opportunities to sell textile machinery and equipment to outfits in Vietnam. With a view to augment our exports, this is a healthy trend said ND Mhatre, Director General (Technical) Indian Textile Accessories and Machinery Manufacturers Association (ITAMMA).

Speaking at a recent Vietnam-India business exchange program, he said, “Vietnam is one of the leading textiles and garments exporters in the world. This necessitates an increasing demand for textile machinery and equipment. Here’s where our Indian firms can pitch in and do a good job.”

According to the director, “Our country’s export figures for the textiles-garments machinery and equipment segment has crossed the US$ 400 million mark in the previous year. However, our exports to Vietnam in this particular segment amounted to a meager US$ 400,000. This indicates that there is a lot of potential to be tapped from a future perspective.”

“Consequently, India’s textile and garment machinery business sector enterprises want to elevate their level of involvement and networking from a long term cooperation point of view,” he added.

The director also disclosed that ITAMMA has already planned to set up a textile-garment technology center at Ho Chi Minh city. This center will induct Indian textile machines and equipment in the Vietnamese market and also provide prompt after-sales service to customers. “In addition, there will also be exchange programs between the business houses of both the countries where they can update each other on the latest technologies in use globally,” he said.

The participants at the program were of the view that importing textile and garment machinery from India would be a welcome move for Vietnamese businesses as it would come at a much lower cost than those that are imported from European nations.

From the Vietnamese-end, Vice General Secretay of Vietnam Textile and Apparel Association (VITAS), Nguyen Thi Tuyet Mai echoed the sentiments of the participants stating, “India happens to be a crucial trade partner to Vietnam in the sphere of garment-textiles and machinery. We have a potential untapped market for Indian machinery to flow in.”

“Business houses in the textile sector of both our countries will find it an apt time for enhancing mutual cooperation. We would be happy to have Indian firms working alongside Vietnamese fabric and textile factories. This can engender entire material supply chains in Vietnam and would turn out to be mutually beneficial from a futuristic perspective,” she added.