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Vietnam’s textile exports gets a boost from US cotton

"Vietnam has slowly and steadily gained major ground in world’s biggest apparel market – the US -- with its high quality textile offerings. As Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS) points out Vietnam's textile and garment export turnover, in 2017, is estimated at $30.5 billion, of which the US market accounts for approximately 51 per cent of total turnover. In the first eight months of 2017, textiles and garments exports grew steadily, with export value increasing by 9.9 per cent, over the same period last year, to $19.8 billion."

 

 

Vietnams textile exports gets a boost from

 

Vietnam has slowly and steadily gained major ground in world’s biggest apparel market – the US -- with its high quality textile offerings. As Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS) points out Vietnam's textile and garment export turnover, in 2017, is estimated at $30.5 billion, of which the US market accounts for approximately 51 per cent of total turnover. In the first eight months of 2017, textiles and garments exports grew steadily, with export value increasing by 9.9 per cent, over the same period last year, to $19.8 billion. Currently, textile and garment exports to the US account for the largest share of the industry, making up around 51 per cent of the export market share.

Vietnams textile exports gets a boost from US cotton

 

Meanwhile, Vietnam is also importing cotton from the US for its spinning industry, accounting for up to 60 per cent of its total demand. In recent years, cotton cultivation area in Vietnam have narrowed down to just 0.04 per cent of the total demand. Meanwhile, American cotton is considered the best for Vietnamese spinning, due to less impurities and a tightly controlled production process.

Cotton Day

And to create favourable conditions for the Vietnamese textile and garment enterprises to approach the US cotton market, VITAS and the US Cotton Council International (CCI) recently held Cotton Day in Ho Chi Minh City. This event says Giang, created an opportunity for US firms to evaluate the potential and importance of the spinning and textile industry in Vietnam, before making proposals to the US Government for policies to support the spinning, textile and garment industry in the Southeast Asian country. The most important recommendation made at the forum was the establishment of cotton bonded warehouses in Ho Chi Minh City and Hai Phong to help in creating better opportunities for Vietnamese spinners to access US cotton products, while reducing buying times and financial pressure.

Cotton Day 2017 bridged gaps between both countries, presenting an opportunity for Vietnamese fashion brands and Vietnamese businesses, who have not yet exported to the US, to seek opportunities for cooperation with US enterprises and buyers. VITAS says, Vietnam’s cotton imports increased over the past 10 years from 150,000 tons in 2005 to approximately 1.2 million tons in 2016, with US cotton making up a large proportion. In the first seven months of 2017, Vietnam imported 808,000 tons of cotton, worth $1.47 billion, annual rises of 32.6 per cent and 58 per cent, respectively. The US accounted for 60 per cent of the market share, marking a milestone in the development of US cotton in Vietnam.

Aiding companies

To enhance business prospects, the CCI granted licences to 12 Vietnamese businesses using the Cotton USA™ label, including Hoa Tho Textile, Dong Xuan Knitting, Phu Cuong Spinning, Phu Gia Spinning, Viet Hong Dyeing, Sunrise Spring Vietnam, Thanh Cong Textile and Vi Son Textile. The use of Cotton USA™ labels will help consumers recognise quality products, and help exporters enjoy favourable conditions when exporting textiles to the US.

William Bettendorf, Director, CCI explains in recent years, the Vietnam textile and garment industry has made steady growth, becoming a bright spot in the global textile industry. Currently, Vietnam is the largest customer of the American cotton industry. This initiative marks the first year of support from CCI to create more favourable conditions for Vietnamese exports and better transparency for consumers concerning the origin of materials.

 
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