At the recently held Cotton Day event in Ho Chi Minh city by the Vietnam Textile & Apparel Association (VITAS) and the US Cotton Council International (CCI) to help Vietnamese apparel business to approach the US market, the event created an opportunity for US firms to evaluate the potential of the spinning and textile industry in Vietnam, according to VITAS President Vu Duc Giang.
He expected US businesses to propose policies for the US government to support the spinning and textile industry in Vietnam, especially in establishing cotton bonded warehouses in Ho Chi Minh City and the northern port city of Hai Phong, which will help Vietnam access US high-quality cotton products.
The US CCI granted licenses to 12 Vietnamese businesses using the COTTON USA label to pave the way for apparel exports to the US and help customers recognizse high-quality products.
In the first seven months of 2017, Vietnam imported 808,000 tonnes of cotton worth 1.47 billion USD, year-on-year rises of 32.6 percent and 58 percent respectively. The US accounted for 60 percent of the market share.
Vietnamâ€™s cotton imports surged over the past 10 years from 150,000 tonnes in 2005 to about 1.2 million tonnes in 2016, with US cotton making up a large proportion.
According to VITAS, Vietnam earned 19.8 billion USD from exporting garment-textiles in the first eight months of 2017, a year-on-year rise of 9.9 percent. The sector hopes to rake in about 30.5 billion USD in export turnover in 2017.
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