The Financial Express

Bangladesh, Vietnam can thrive on China 'predicament', says BTMA president

| Updated: October 24, 2021 11:23:56

Bangladesh, Vietnam can thrive on China 'predicament', says BTMA president

Bangladesh Textile Mills Association (BTMA) on Thursday placed a four-point proposal, calling upon Vietnam to invest in the local woven garment manufacturing sector - mainly to grab the opportunity created due to the recent 'predicament' faced by China.

BTMA President Mohammad Ali Khokon made the proposals when Vietnamese Ambassador to Bangladesh Pham Viet Chien paid a courtesy call on the former, at his office in Dhaka.

"The recent predicament faced by China (US-China trade war, shifting of apparel exports from China, electricity issue, and so on) could be an opportunity for both Bangladesh and Vietnam," Mr Khokon said.

Both the countries can increase the trade volume through mutual understanding and can grab a minimum of US$ 200billion market out of the total US$700 billion textile and clothing market, he added.

Upholding the significance of the primary textile industry (PTS) of Bangladesh and its contribution in export earnings by meeting the demand of the RMG sector, BTMA president said the local spinning sector was self-sufficient in producing cotton yarn while many of them were also producing yarn made of manmade fibre.

Since Vietnam imports yarn from various countries all over the world, it can consider importing cotton yarn and yarn made of manmade fibre from Bangladesh, Mr Khokon told the envoy.

Mr Khokon also requested Mr Pham Viet Chien to consider the proposals, in order to strengthen the mutual understanding between the two countries.

"The government of Vietnam or its businessmen can invest in Bangladesh's woven sector to meet their fabric demand," he added.

Vietnam has a Free Trade Agreement (FTA) with around 15 countries including America, mentioned the BTMA president.

By investing in Bangladesh, both the countries could increase their export and global market share, he proposed, urging the envoy to take initiatives in this regard.

Vietnam can also consider hiring skilled manpower from Bangladesh for their textile and clothing sector, Mr Khokon proposed.

If the proposals are materialised properly, the trade imbalance between Bangladesh and Vietnam will be reduced, expected the BTMA leader.

Speaking on the occasion, the Vietnamese envoy invited BTMA and its members to visit Vietnam in a bid to explore and get an insight of their textile and clothing industry.

Welcoming the BTMA proposals, the envoy assured that he would take them up to the authorities concerned of his country.

[email protected]

Share if you like