Vietnam’s cotton imports surpass US$2 billion during Jan-Aug

11:23 | 08/09/2018 Trade

Vietnam spent more than US$2 billion on importing cotton in the first eight months of 2018 the biggest ever spending of the garment and textile sector.

Of the total, imports from the US exceeded US$1 billion, according to the Vietnam Customs.

The increase in spending on cotton imports was attributed to growth in garment and textile exports, as Vietnam depends on nearly 100 pct of imported cotton materials.

Vietnam estimates to use more than US$3 billion to buy cotton this year, up US$700-800 million against the previous year.

The country also set a target of earning US$34-35 billion from exporting garment and textile products.

Last year, the textile and garment industry gained a year-on-year increase of 10.23 pct in the export value of textiles and garment to US$31 billion, higher than its target set at the beginning of the year at US$30 billion.

Theo VNA