In the period from January to November, of the ongoing year, Vietnamese textile and garment industry imported 266,000 tons of cotton for local production, worth US $416 million, showcasing a growth by 35.6 and 68.4 percent in terms of volume and value respectively over same period 2007.
According to an official source from Ministry of Industry and Trade, the figures of November only are 25,000 tons for US$ 40.2 million, depicting a rise of 17.37 and 14.5 percent respectively in comparison with October this year.
According to market experts, manufacturers are now relying on imported cotton as the import tax on cotton is declining in accordance with regulation of Vietnam entrance in WTO.
Now this is a serious issue. With the increasing imports, local cotton ginners have to close their factories since the growers are not getting deserving revenue they have started shifting their focus on other agricultural products.
Fibre2fashion News Desk - Vietnam
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