Vinatas believes the bonded warehouse will also be beneficial to the US. If the US can ensure the stable supply of cotton, it will be able to sell more products to Vietnamese businesses thanks to the warehouse which will benefit cotton traders as well as American cotton growers.
Vietnamese enterprises have been importing materials for domestic textile and garment production from China because of geographical proximity and cheap prices.
But other TPP countries can only provide cotton in limited quantity.
According to Vu Duc Giang, Chairman of Vinatas, bonded warehouses would be built in two large areas in Vietnam, including one in the north, possibly at the Hai Phong Port or Hanoi, and the other at Cat Lai Port in HCMC or in Ba Ria- Vung Tau City.
Giang said if bonded warehouses are set up, the major problems of the Vietnamese textile and garment industry would be eliminated. (SH)
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