In a conference on economic cooperation between Vietnam and Uzbekistan hosted in Hanoi on July 2, Governments of the two sides have decided to improve economic and trade cooperation prospects in various fields.
The key fields that would be focused by Vietnam and Uzbekistan include textile and garment, crude oil, and footwear among others.
According to VINATEX officials, who were representing at the conference, Vietnam imports around 200,000 tons of cotton each year; of which 10,000 tons are sourced from Uzbekistan.
However, it is to be noted, the volume of cotton imported from Uzbekistan is much bigger, but just 10,000 tons are directly imported. Reason for such situation is bad payment and transaction mechanism between the two countries.
To avoid such circumstances, both the countries inked bilateral agreements on economic and trade cooperation, investment promotion and protection, and avoidance of double taxation.
At the conference, Le Danh Vinh, Deputy Minister of Industry and Trade, Vietnam and Nasriddin Najimov, Deputy Minister of Foreign affairs, Investment and Trade, Uzbekistan, have proposed two cooperation aspects. Firstly, Vietnam should import cotton from Uzbekistan directly; and enterprises of the two countries would establish joint venture in Uzbekistan to exports products to various countries.
Fibre2fashion News Desk - Vietnam
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