09:49 | 06/06/2016 Economy
Opportunities to invest in Vietnam’s garment and textile industry were introduced to representatives from nearly 70 Indian textile and garment companies at a conference held in Coimbatore, India on June 2.
Ambassador Ton Sinh Thanh speaks at the conference (Source: VNA)
Jointly organised by the Export-Import Bank of India (Eximbank) , the Vietnamese Embassy in India and the South India Textile Research Association, the event aimed to promote India’s investment in Cambodia, Laos, Myanmar and Vietnam (CLMV).
Ambassador Ton Sinh Thanh briefed participants on the strong development of Vietnam’s garment and textile sector, saying that this contributed to boosting the country’s exports.
He also highlighted great opportunities for Indian garment and textile groups to invest in production and supply chains of materials for the sector.
EximBank General Director Mukal Sarkar pointed out advantages for Indian firms if they invest in Vietnam, citing fairly developed infrastructure conditions, abundant and cheap workforce, and stable security.
Representatives from some Vietnamese enterprises also introduced specific textile projects that are calling for investment in central Vietnam, as well as advantages related to location, procedures and services supporting investment in industrial parks.
Indian firms expressed their concern about credit loans for investment in Vietnam and the possibility to form bonded warehousing in the country.
According to a plan, the Indian Government will provide their enterprises with an assistance package worth 100 million USD, helping them increase investment in CLMV nations, focusing on the textile sector in Vietnam./.