The Indian Government has officially kicked off the preferential credit package of US$300 million to promote India-Vietnam garment cooperation.

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.

As scheduled, India will invest in building an industrial park specializing in garment and textile material production near HCM City.

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 time ahead.