Vu Duc Giang, chairman of VITAS, emphasises that the event is anticipated to attract the participation of leading experts from the US Cotton Council International and firms operating in the US textile and garment industry.
The trade fair will provide an ideal platform for US and Vietnamese businesses to devise solutions aimed at sustainable development and origin traceability for Vietnamese textile and garment enterprises in a bid to meet consumer trends across the world, says Giang.
According to insiders, the price of cotton in the world market has fluctuated strongly since the beginning of the year, causing numerous difficulties for businesses operating in the yarn industry.
Giang revealed that the price of cotton on the Intercontinental Exchange (ICE) fell to its lowest level recently due to factors such as falling crude oil prices coupled with the rising dollar index.
Experts predict that the price of cotton will not see an upturn moving forward due to abundant supply sources amid low demand.
Local yarn businesses are therefore required to closely monitor market developments in the third quarter and balance their demand to purchase raw materials for production activities amid current uncertain market conditions.
Furthermore, Vietnamese firm are also recommended to make thorough preparations in production and market management, whilst selecting proper products and customers to optimise the efficiency of orders.
