HA NOI (Biz Hub) — Australian Wool Innovation (AWI) claimed that it was holding discussions with three Vietnamese and six foreign companies about establishing a wool weaving factory in the Southeast Asian country.
Vietnamese producers were importing wool yarn from China, India, Italy, and Germany. Experts have forecast that domestic processing will help to save import costs and time.
AWI was making efforts to increase ties with Vietnamese businesses to help them access its natural wool products as well as Australia's wool and yarn processing technologies. It considered this move as a solution to reduce Australia's dependence on the Chinese market as 75 per cent of its wool is now exported to China. — VNS