Indian firms eye strengthened textile and garment links with Vietnam
Textile and garment companies of India are looking to promote trade cooperation with Vietnamese enterprises, said Indian Consul General in Ho Chi Minh City Smita Pant at a press conference in HCM City on May 10 to introduce the Textiles India 2017, which is slated for the Vietnamese city from June 30-July 2.
HCMCity (VNA) – Textile and garment companies of India are looking to promotetrade cooperation with Vietnamese enterprises, said Indian Consul General in HoChi Minh City Smita Pant at a press conference in HCM City on May 10 tointroduce the Textiles India 2017, which is slated for the Vietnamese city fromJune 30-July 2.
Accordingto Smita Pant, textile and garment is one of the leading important industriesthat the two nations need to foster cooperation through promoting trade,attracting investment and increasing export turnover.
Ronak Roughani, Vice President of the Synthetic andRayon Textile ExportPromotion Council (SRTEPC) of Indiasaid apparel occupies a large proportion in India’s exports.
India’s textile and garment industry has developed a complete product supplychain and the country is also one of suppliers of high-quality materials andfabric with competitive price in the world.
The country’s export turnover of textile and garment materials to Vietnam inrecent years averagely increases about 20 percent a year.
This is a good time for Vietnamese and Indian textile and garment firms to enhancelinks in investing, exporting materials and technical assistance for mutualbenefit, he said.
Dang Thi Tuyet Mai, Vice General Secretary of theVietnam Textile and Apparel Association (VITAS), said Vietnam is one of thefive largest textile and garment exporters in the world, with its textile andgarment export turnover hitting about 28.5 billion USD in 2016.
However, the country is also one of the world’s leading importers of fabric andmaterials. The shortage of high-quality materials for production is the biggestbarrier to Vietnam’s textile and garment industry, hindering the country fromtaking advantages of free trade agreements.
PhamXuan Hong, Chairman of the HCM City Associationof Garment Textile Embroidery and Knitting (AGTEK) said Vietnamese textile andgarment firms appreciate the quality and competitive price of materials fromIndia, stressing that cooperating with India businesses is an effective measureto diversify material supply resources for Vietnam.
Vietnamese firms should intensify trade promotion programmes andparticipate in exhibitions and trade promotion events, he suggested, saying thatthese will offer opportunities for them to seek more material suppliers, and learningfrom effective business and production models.
The programmes will also help Indian businesses make deeper inroad into Vietnamesemarket, he said.-VNA
Vietnam and India should early sign an action programme on implementing the bilateral comprehensive strategic partnership, thus defining orientations for bilateral cooperation in 2017-2020.
Vietnam’s trade revenue is estimated at 125.41 billion USD in the first four months of 2017, a year-on-year increase of 20.1 percent, said the General Department of Vietnam Customs.
The domestic garment industry has faced many challenges in exporting to key markets, such as the European Union (EU) and the United States, but it still has a chance of achieving its export target this year, according to experts.
With demand to import more than 10 billion USD worth of apparel products each year, Russia is a market with potential for Vietnamese garment-textile businesses.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative image (Source: VNA) 
