The Vietnamese envoy to India, Ton Sinh Thanh thanked the Indian government for extending a US $300 million line of credit for strengthening of commercial ties between the two countries.
Addressing media on the sidelines of a meeting with members of the Exim Club Association in Vadodara, he hoped that it will enable Vietnam to import more of fabrics and yarns from India.
Vietnam is currently importing about half of its textile raw material requirements of yarn and fabrics from China.
“The Indian government’s offer to extend the line of credit may help India grab a larger share of textile raw material imports,” the ambassador said, who was in Gujarat to attend the Vibrant Gujarat Summit.
"Alongside cotton imports, Vietnam also seeks investment of India in the textile, chemical dyes and other related sectors," he said.
He explained that Vietnam allows 100 per cent investment in many sectors including joint ventures with Vietnamese companies.
The envoy also expects that bilateral trade between India and Vietnam is likely to touch $20 billion by 2020.
