Vietnam: Cotton and Products Annual
Post revises Vietnam's 2013/2014 cotton production estimate at 1,270 metric tons (mt) or 5.82 thousand bales. Despite efforts from the leading Vietnam Textile Corporation to carry out some cotton farming projects, Vietnam’s cotton production in MY 2014/2015 is forecast less than the previous MY. Cotton imports in Marketing Year (MY) 2013/2014 are revised to increase by 32 percent, reaching 691,400 mt (or 3,171 thousand bales), thanks to strong exports of yarns and expansion of the yarn spinning sector. In CY 2014, Vietnam imported 757,800 mt of cotton (or 3,476 thousand bales) for a value of $1.45 billion, a year-on-year increase of 30 percent in quantity and 24 percent in value. U.S. cotton accounted for 29 percent of total imports. MY 2014/2015 cotton imports in Vietnam will continue rising to feed the increasing market demand. Vietnam’s cotton consumption growth rate is projected to slow down in MY 2015/2016, mainly caused by China’s reduction of yarn imports resulting from incentives offered by the Chinese government to its spinners who purchase more cotton from Chinese reserves.
