Vietnam, US bodies discuss cooperation in cotton trade

13 Sep '13

1 min read

US cotton exporters, represented by the US Staple Cotton Cooperative Association, have discussed ways to step up cooperation with their Vietnamese customers in Ho Chi Minh City.

During the meeting, Vietnam Cotton and Spinning Association (VCOSA) secretary general Nguyen Hong Giang said mutual understanding between the US’s cotton sector and Vietnam’s spinning industry would play an important role in enhancing trade relations and reducing risks caused due to changes in prices and markets, Vietnam Plus reported.

Hank Reichle from the US Staple Cotton Cooperative Association said they have launched a programme to support their Vietnamese customers.

During the meeting, the two sides exchanged information about cotton output as well as global demand and supply situation.

Both sides also discussed risk control solutions in order to better cope with fluctuation in prices.

The demand for cotton is rapidly growing in Vietnam, along with its increase in apparel and textile exports.

In 2012, Vietnam imported 420,000 tons of cotton, which puts it amongst the top five cotton importers in the world. The country is also one of the top ten consumers of cotton, globally.

Vietnam imports about 40 to 50 percent of its cotton requirement from the US.

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