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

20:49 | 01/09/2018 Import-Export Follow english.haiquanonline.com.vn on

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

vietnams cotton imports surpass us 2 billion during jan aug

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% 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% 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.

Source: VNA

Tags:

Related News

Vietnam textile and garment strives to increase the localization rate

06:46 | 30/04/2024 Import-Export

VCN - Increasing textile and garment export turnover and effectively take advantage of incentives from Free Trade Agreements (FTAs), the Vietnam Textile and Apparel Association (Vitas) determined that, in addition to greening, investment in development science, technology and human resources, an important solution is to attract investment in the industry's supply shortage, specifically high-tech weaving, dyeing and finishing projects in industrial parks.

Navigating through small and fragmented orders

17:21 | 29/01/2024 Import-Export

VCN - As 2023 progressed past three-quarters of its duration, it became an increasingly challenging time for textile and garment enterprises. This period was marked by a significant drop in consumer demand, leading to a decline in exports across many major markets.

Textile and garment exports are expected to reach 40.3 billion USD

14:55 | 28/11/2023 Import-Export

VCN - Textile and garment exports for the whole year are expected to earn 40.3 billion USD. The industry's export target for 2024 is 44 billion USD.

Greening the textile industry from pioneering enterprises

00:00 | 28/10/2023 Import-Export

VCN - The "green path" of pioneering enterprises contains many thorns, but is still chosen by many Vietnamese textile and garment enterprises because they have early recognized the "green living" demand and use green products of the market.

Latest News

Agricultural, forestry and fishery product exports continue to "scoring points"

19:04 | 19/05/2024 Import-Export

VCN - In the first four months of 2024, the country's total export turnover of agricultural, forestry and fishery products is estimated to reach more than US$19 billion, an increase of 23.7 percent compared to the same period last year. Most key agricultural and forestry export products increased higher than the same period last year as well as the export value to all markets increased.

Build and protect the rice value chain against market fluctuations

19:03 | 19/05/2024 Import-Export

VCN - Due to recent risks and challenges,business performancehave been badly hurt andmany chain links have been under threats ..., the rice industry needs to enhance the role of ministries, branches, localities, and farmers and businesses in building and protecting the rice value chain against market fluctuations.

VN's Steel industry ranks 12th in world crude steel production

18:59 | 19/05/2024 Import-Export

This accomplishment not only highlights the industry’s rapid growth in production output but also signifies its increasing independence and diversification of product types.

Chu Lai Port installs specialised crane system

18:58 | 19/05/2024 Import-Export

Chu Lai International Port belonging to Trường Hải International Logistics Limited Liability Company (THILOGI) has installed a new specialised crane system that costs more than VNĐ400 billion (US$15.7 million).

More News

The processing and manufacturing industry increased by 6.3% in 4 months

08:48 | 19/05/2024 Import-Export

VCN - Continue the recovery momentum from the end of 2023, industrial production in April and the first 4 months of 2024 continues to show a positive trend. Of which, the processing and manufacturing industry increased by 6.3%.

Corporate profits enter recovery cycle

08:46 | 19/05/2024 Import-Export

VCN - The recently released Q1 2024 business results update by SSI Securities Corporation shows that corporate profits may have overcome the most challenging period and entered a phase of recovery and more stable growth.

Focusing on the "readiness" factor waiting for foreign investors in the high-tech field

20:14 | 18/05/2024 Import-Export

VCN - According to a representative of the Ministry of Planning and Investment (MPI), investment by foreign corporations and businesses depends on many factors, but it is necessary to focus on factors related to Vietnam's readiness.

Exploiting the potential of Dong Nai's largest seaport

20:12 | 18/05/2024 Import-Export

VCN - Phuoc An Port - the largest seaport in Dong Nai is expected to come into operation in July 2024, which will contribute to a significant increase in the amount of goods arriving at Dong Nai seaport. In order to meet the needs of import and export and create favorable conditions for businesses, customs management units in the area also need to change their model.

Hanoi calls for investments in six urban areas projects

20:11 | 18/05/2024 Import-Export

Hanoi is calling for investment in six urban areas projects in Dong Anh district worth a total of 34 trillion VND (1.3 billion USD).

The food industry aims to green packaging

09:56 | 18/05/2024 Import-Export

VCN - Greening food packaging is not only a trend but also a strategic transformation of businesses to meet environmental requirements. Therefore, businesses need to focus on using environmentally friendly packaging materials that are easy to recycle while ensuring product quality.

"The key" to growth motivation for enterprises

09:55 | 18/05/2024 Import-Export

VCN - Unlocking growth motivations is an urgent requirement from the Government to help enterprises and the economy quickly recover. But unlocking the driving motivations must be accompanied by drastic reforms in institutions and the business environment to create conditions and increase confidence for enterprises to step forward.

Exports of four localities achieve tens of billions of USD

20:26 | 17/05/2024 Import-Export

VCN - By the end of April, there are four localities and cities reaching an export turnover of US$10 billion or more, according to the statistics of General Department of Vietnam Customs.

Rapid greening of the logistics sector to avoid being "eliminated"

20:24 | 17/05/2024 Import-Export

VCN - In the current context, if criteria for greening the logistics sector are not quickly and immediately implemented, businesses will face significant difficulties in the future and gradually be "eliminated" from domestic and global business, trade, and import-export activities.