(Illustration photo: VNA)US thread-producing companies revealed their intention to enhance their position in Vietnam’s garment-textile market during a meeting with Vietnamese businessmen in the sector in Ho Chi Minh City on October 5.
A representative from the American Cotton Shippers Association said US firms are making efforts to improve their supply to the Vietnamese market, reported the Sai Gon Giai Phong newspaper.
The move is part of strategies to tap opportunities ushered in by the Trans Pacific Partnership (TPP) free trade agreement, of which both countries are members.
As heard during the meeting, garment-textiles is Vietnam’s key export earner, however few domestic plants are turning out threads. The majority of materials are imported, 80 percent of which are from India and China.
As such, boasting good quality fibre with competitive prices, US producers are making moves to increase their presence in the Southeast Asian nation.
Garment-textiles account for 13.6 percent of Vietnam’s overall export turnover and 10.5 percent of gross domestic product (GDP).
Currently, 6,000 facilities are producing apparel across the nation, creating jobs for about 2.5 million workers or 25 percent of the Vietnamese industrial workforce.-VNA
