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Vietnam, Bangladesh surpass India in low-cost manufacturing: WB
India's global trade share has not kept pace with its economic growth, with Vietnam and Bangladesh overtaking the nation as low-cost manufacturing and export hubs, according to the World Bank's recent report.
The WB report released on September 3 highlights that the proportion of trade in goods and services as a percentage of India's gross domestic product (GDP) declined over the past decade, despite the country's rapid economic growth.
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The production of goods for export at Hung Viet Garment Company, Yen My district, Hung Yen province. |
Accordingly, India's share in global exports of textiles, leather, and footwear increased from 0.9% in 2002 to a peak of 4.5% in 2013 but then fell to 3.5% in 2022. Vietnam's and Bangladesh’s share in these sectors reached 5.9% and 5.1% in 2022, respectively.
The bank recommended that India reduce trade costs, lower trade barriers, and deepen trade integration to remain competitive.
The bank expects the Indian economy to continue its rapid growth at a rate of 7% in the current fiscal year, ending in March 2025, following a growth rate of over 8% in the previous year. The multilateral lender also forecasts India's growth to average 6.7% for the 2025-2026 and 2026-2027 fiscal years.
BAC GIANG - On the afternoon of August 13, Vu Tri Hai, member of the Bac Giang Provincial Party Standing Committee, Secretary of the City Party Committee, Chairman of the People's Council of Bac Giang City; Dang Dinh Hoan, Chairman of the People's Committee of Bac Giang City chaired a dialogue conference with enterprises, entrepreneurs, production and business households in the city in 2024.
Foreign companies, especially Chinese, are investing and hiring more staff in Vietnam to shift their production to the country or expand.
BAC GIANG - Implementing the campaign to support the construction and elimination of temporary and dilapidated houses for poor and near-poor households and disadvantaged social policy families in Bac Giang province, up to now, member enterprises of the Provincial Business Association, enterpreneur associations of districts, township, city and business clubs in the province have supported the campaign with more than 17 billion VND (over 721,000 USD).
Textile and garment firms have enjoyed a more robust business result on the back of an increase in orders which helped the sector gain 16.52 billion USD in export revenue in the first half of this year, up 4.6% year-on-year, according to the Vietnam National Textile and Garment Group.
BAC GIANG - These days, all levels, sectors and localities in Bac Giang province have focused on implementing many activities to pay tribute to the national contributors and relatives of martyrs. In particular, with affection and responsibility, the business community has spent a large amount on such the good deed, helping improve the lives of local war invalids, sick soldiers and policy families.
Source: VNA
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