US cotton exporters met with their Vietnamese customers in Ho Chi Minh City on September 11 to seek ways to step up cooperation.
The participants come from the Vietnam Cotton and Spinning Association (VCOSA), the Vietnam Textile and Apparel Association and the US Staple Cotton Cooperative Association.
With garment and textile being a key export staple, the demand for cotton in Vietnam is increasing fast. The country imported 420,000 tonnes of cotton last year, putting it in the top ten cotton users and top five cotton importers in the world. Between 40 and 50 percent of Vietnam’s cotton import is from the US .
VCOSA Secretary General Nguyen Hong Giang said mutual understanding between the US’s cotton sector and Vietnam’s spinning industry plays an important role in boosting trade and reducing risks caused by changes in prices and markets.
According to Hank Reichle from the US Staple Cotton Cooperative Association, his association has launched a programme to support Vietnamese customers.
On this occasion, the two countries’ businesses exchanged information about cotton output as well as demand and supply in the world market.
They also discussed risk-control solutions to cope with price fluctuation.
VNA
