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More US textile firms to find foothold
27
Apr '10
This year, more US firms are likely to find foothold in the Vietnamese markets and will probably, also achieve new records by signing higher number of joint ventures.

Vietnamese Prime Minister, Nguyen Tan Dung was a witness to signing of several co-operative agreements between Vietnamese and American textile companies.

The Prime Minister has also conducted meetings with leading US firms such as Lokheed Martin, the American Textile and Apparel Association, Target Corporation and other high-profile American importers, to ensure the country gets more business.

According to US Ambassador, Michael Michalak, Dung's activities will further enhance the commercial and trade relations between the two countries. More so, with Vietnam's entry as one of six 'next tier market' countries under the new, US 'National Export Initiative', it has turned into one of US's top key markets for business, after China, India and Brazil.

With hopes of growing consistently by seeking newer and more opportunities in the Vietnamese market, US government, under this new initiative, is likely to increase the activities to encourage more two-way deals and investments in 2010 and the years to come, said Michalak.

After the US and Vietnam governments inked a significant joint trade agreement, two-and-fro trade has increased over 700 percent from just about $2 billion in 2001 to almost $16 billion last year, making US one of Vietnam's key trade partners.

During the international economic meltdown in 2009, total number of business deals between US and Vietnam had fallen slightly but still, the US goods exports to Vietnam increased by 11 percent.

As per, US Under Secretary of State, Robert Hormats, US firms intend to continue and expand their trade ties with Vietnam to help enhance the emerging Vietnamese economy and thereby, also be a responsible trade partner.

Fibre2Fashion News Desk - India

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