India, Vietnam have strong opportunities in textile, investment cooperation amid global challenges: Vietnamese trade official
Hyderabad (Telangana) [India], April 3 (ANI): India and Vietnam have significant opportunities to deepen cooperation in investment and the textile sector, a senior Vietnamese trade official said, highlighting the growing economic ties between the two countries.
Bui Trung Thuong, Trade Counsellor and Head of Trade Office at the Embassy of Vietnam, told ANI that both nations, particularly regions like Telangana, offer strong potential for business collaboration.
"We found that there are huge opportunities between India and Vietnam, particularly in Telangana, for cooperation in terms of business and investment, especially in the textile industry," he said.
Thuong added that he was impressed by the craftsmanship and product quality showcased in Telangana. "I was very impressed with the craftsmen from Telangana. It's really high quality, and we found similarities with Vietnam," he noted.
He also pointed out that ongoing geopolitical tensions, particularly in West Asia, are impacting global supply chains, making closer cooperation between countries like India and Vietnam more important.
"Regarding the recent turbulence and war in the Middle East, it really impacts the global value chain. So I think both India and Vietnam should work more closely together, not only in textiles but also in energy. Energy security is very important," he said.
India and Vietnam share longstanding trade and economic relations, which have grown steadily over the years.
According to government data, bilateral trade between the two countries reached USD 15.76 billion during April 2024 to March 2025, marking a 6.40 per cent increase year-on-year.
India's exports to Vietnam stood at USD 5.43 billion, while imports from Vietnam were higher at USD 10.33 billion during the same period.
Vietnam is currently India's 20th largest trading partner and the 15th largest export destination globally. At the same time, India ranks as Vietnam's 8th largest trading partner, the 7th largest export market and the 10th largest import source.
Key exports from India to Vietnam include frozen bovine meat, fishery products, machinery and equipment, electrical equipment, auto components, pharmaceuticals and APIs, chemicals, ordinary metals, cereals, cotton, animal fodder and gems and jewellery.
On the other hand, major imports from Vietnam to India include electronic and telecom equipment, machinery, iron and steel, chemicals, plastic products, steel products, footwear, garments, textile materials, wood, rubber and coffee.
The official also expressed hope that the ongoing global tensions would ease soon, restoring normalcy and supporting smoother trade flows. (ANI)
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