On June 26, 2023, Phu Tho Textile Company Limited (Phu Tho), owned by Mr. Nguyen Van Ha, who is also the CEO, located at Thuy Van Industrial zone, Thuy Van commune, Viet Tri City, Phu Tho Province – one of the major spinning producers in the North, and an active member of the Vietnam Cotton and Spinning Association (VCOSA) – was removed from the LOUA 2 of the International Cotton Association (ICA), which is a list of companies proven to have links to one listed on LOUA 1. LOUA 1 is a public list that identifies companies that have failed to comply with one or more arbitral awards under the ICA’s Bylaws and Rules.
Phu Tho has a capacity of more than 59,000 spindles and can supply 11,000 tons of yarn per year from cotton, PE to blended yarn (CVC, TCD) for both domestic and international markets. From March 2023 to June 2023, Phu Tho cooperated with VCOSA to provide complete information and legal documents to prove the company’s eligibility to be removed from LOUA 2. The VCOSA actively supported the investigation process and worked closely with all parties to achieve the goal and shorten the processing time. This effort of VCOSA demonstrates the strategic vision and deep commitment of Phu Tho’s Board of Directors to enhance the company’s reputation and competitive capacity. Being removed from ICA’s LOUA 2 not only marks an important milestone in the company’s history but also demonstrates Phu Tho’s continuous efforts to enhance its reputation and expand and build relationships in both domestic and international markets. It can be said that this is a step forward for the Vietnamese spinning industry, affirming the fairness and transparency of the ICA.
Indeed, in recent years, the VCOSA has significantly contributed to helping the Vietnamese spinning industry enhance its competitive capacity and recognition. The relationship between VCOSA and ICA is increasingly strengthened through activities aimed at protecting the rights and interests of members of both organizations. The ICA actively listens to and improves its Bylaws and Rules to optimize safety, fairness, and transparency in global cotton trade transactions, while VCOSA regularly seeks opinions and contributions from its members to organize programs that support Vietnamese spinning businesses to enhance their competitive capacity, protect their rights and interests when engaging in cotton trade transactions.
Congratulations to Phu Tho on being removed from ICA’s LOUA 2, and hopefully, this will inspire and motivate other Vietnamese spinning industry partners to continue developing and improving the company’s reputation.
