The U.S. Cotton Association survey shows that Vietnam is a very potential market with garment being a country’s key export product. At a meeting held in Ho Chi Minh City on Monday, many U.S. fibre firms expressed their desire to become suppliers of Vietnamese garment and textile companies.
There are not much fibre plants in Vietnam, local firms are dependent on import and most materials, over 80 percent is imported from China and India.
According to the Cotton Association, Vietnam being a member of Trans-Pacific Partnership (TPP), U.S. firms will be able to boost their access to Vietnamese market in the upcoming time which is considered to be their strategy for imminent advantages from the agreement, as American fibre has good quality and competitive price.
It is forecast that the industry’s export turnover will strongly increase once free trade agreements take effect.
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