U.S. firms want to become Vietnam’s textile fibre suppliers

Many U.S. fibre firms expressed their desire to become suppliers of Vietnamese garment and textile companies at a meeting in Ho Chi Minh City on Monday.

Production of export items at Nha Be garment company (Photo: SGGP)

Surveys by the U.S. Cotton Association show that Vietnam is a very potential market with garment being a country’s key export product, they said.

It is forecast that the industry’s export turnover will strongly increase once free trade agreements take effect.

Still, there have no many fibre plants in Vietnam and local firms have imported most materials, over 80 percent from China and India.

American fibre has good quality and competitive price and Vietnam will be a member of Trans-Pacific Partnership (TPP). Hence, U.S. firms will boost their access to Vietnamese market in the upcoming time which is considered to be their strategy for imminent advantages from the agreement, according to the Cotton Association.

By Minh Xuan – Translated by Hai Mien

Other news

Most view

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

STK to issue 10.8million shares

The shareholders of Century Synthetic Fiber Corp (code: STK) have approved plan to issue 10.8 million shares.