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Improving mutual understanding and concerted efforts in trade relations can help Bangladesh and Vietnam grab a $200 billion share of the $700 billion global apparel market, Vietnamese Ambassador to Bangladesh Pham Viet Chien said on Thursday.
His observations came at a views exchange with Bangladesh Textile Mills Association (BTMA) President Mohammad Ali Khokon at the latter’s office in Dhaka.
At the meeting, the BTMA president requested the ambassador to consider four proposals for further enhancing mutual cooperation between the two countries.
The Vietnam government or the country’s traders can invest in the woven sector of Bangladesh in sourcing the necessary fabrics for their readymade garments.
As Vietnam has Free Trade Agreements (FTAs) with about 15 countries, including the United States, both Vietnam and Bangladesh can gradually increase their exports to $200 billion in the international garment market by increasing their exports by investing in Bangladesh.
BTMA requested the ambassador to take initiatives in this regard.
In this case, Bangladesh will provide support to Vietnam for the fabric made by artificial fibre. On the other hand, Vietnam will actively consider importing cotton yarn from Bangladesh.
The BTMA president offered Vietnam to hire skilled readymade garment workers and textile workers from Bangladesh.
During the meeting, the BTMA president highlighted the potential of Bangladesh’s textile industry, especially the contribution of the existing backward linkage industry in the primary textile sector to the export of readymade garments.
During the talks, the ambassador praised the BTMA and its members for exporting textiles of Bangladesh, which is why Bangladesh’s textiles now stand on a solid foundation.
Khokon informed the ambassador that the spinning sector in Bangladesh has special expertise in making cotton yarn, also many spinning mills are making yarn with man-made fibre.
He requested the ambassador to consider importing cotton yarn and yarn made from artificial fibre from Bangladesh since Bangladesh and Vietnam do not produce cotton and import yarn from other countries.
The ambassador said they would consider the proposal positively.
