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.
According to VITAS, Vietnam earned US$19.8 billion 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 US$30.5 billion in export turnover in 2017.
Vietnam’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.
In the first seven months of 2017, Vietnam imported 808,000 tonnes of cotton worth US$1.47 billion, year-on-year rises of 32.6% and 58% respectively. The US accounted for 60 percent of the market share.
The 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 recognise high-quality products.