The Indian Government has officially kicked off the preferential credit package of US$300 million to promote India-Vietnam garment cooperation. India will invest in building an industrial park specializing in garment and textile material production near HCM City. The project was proposed during the visit of President Pranab Mukherjee to Vietnam in September 2014, and further developed during the Indian Textile Exhibition 2015 in HCMC.
Truong Van Cam, representative from the Vietnam Textile and Apparel Association (Vitas) said the Vietnam Export Import Commercial Joint-Stock Bank (Vietnam Eximbank) was selected to disburse the credit package.
The credit package also aims to fully tap opportunities after the Trans Pacific Partnership (TPP) agreement is signed in the near future.
The credit package will help Indian businesses develop factories in Vietnam, and promote concerned Vietnamese businesses to expand cooperation with Indian partners.
It will support Vietnam’s garment and textile businesses to develop material sources and implement weaving and dyeing projects.
The project is one of a number of positive initiatives following the visit by President Truong Tan San to India on in October 2011 and the visit by President Pranab Mukherjee to Vietnam in September 2014.
It was further developed during the Indian Textile Exhibition 2015 (Intexpo) at the Tan Binh Exhibition and Convention Center in Tan Binh District, Ho Chi Minh City in April 2015.
Read more …
$300 million credit package to promote India-Vietnam garment cooperation, VietnamNet, Jun 19, 2015
India looks east and discovers a strategic partner in Vietnam, The Guardian, Oct 2011