Vietnam is one of the principal foreign consumers of American cotton | Photo by willybearden at Morguefile.com
Vietnam is one of the principal foreign consumers of American cotton | Photo by willybearden at Morguefile.com
A delegation of Americans working in the cotton sector, including Tommy Hayden, first vice chairman of the American Cotton Shippers Association, recently visited the Texhong Renze Vietnam factory.
Hayden serves as the chief operating officer of Cotton Platform (Allenburg Cotton Co.) at the Louis Dreyfus Co. (LDC).
"In 1981, Allenberg was acquired by the Louis Dreyfus Group, which was then diversifying its portfolio in the region. As Allenberg was a valuable and widely known local brand, the name remained," LDC stated on its website.
Texhong Renze gave Hayden a demonstration of the SAP software system, which precisely tacks cotton as it moves through supply networks. According to reports, the mill imports over 100,000 tons of cotton from the US every year. In return, Vietnam exports 42% of its textile and garment production to the United States. Vietnam is one of the principal foreign consumers of American cotton. Texhong produced up to 20% of the $5.6 million worth of yarn that Vietnam shipped in 2021.
From 2014 to 2019, Vietnam's export of cotton products increased at a rate of 17% annually, bringing in $39 billion in yearly profits, the majority of which came from apparel exports, Vietnam Briefing reported.
With its headquarters in Hong Kong, the textile company Texhong Textile Group Ltd. primarily conducts business in mainland China, Vietnam and Macao. It is essential to the production, marketing and processing of colored clothing, according to Reuters. It is valued at around $1 billion.
Hayden is on the board of The Seam, which specializes in commodity trading and management systems via cryptocurrency, according to Memphis Business Journal. He is also part of the board of directors of the National Council Cotton of America.
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