Cotton Day Vietnam 2024 set to boost US-Vietnam trade

Ho Chi Minh City will host Cotton Day Vietnam 2024 on September 27, aiming to enhance trade ties between Vietnamese and US cotton markets, says the Vietnam Textile and Apparel Association (VITAS). Vu Duc Giang, VITAS chairman, anticipates participation from top experts from the US Cotton Council International and key US textile firms.

The event will serve as a vital platform for US and Vietnamese businesses to explore sustainable practices and improve traceability in the Vietnamese textile sector. This comes as global cotton prices have been volatile, impacting the yarn industry. Recent data shows cotton prices on the Intercontinental Exchange (ICE) have dropped due to lower crude oil prices and a rising dollar index.

Experts forecast cotton prices may remain low due to oversupply and weak demand. In response, local yarn businesses must carefully monitor market trends and adjust their raw material purchases accordingly. Vietnamese firms are advised to optimize their production and market strategies to navigate the current uncertainties effectively.