Vietnam’s spinning production capacity continues to increase, cotton consumption breaks record again
According to foreign news, due to the inflow of foreign and domestic investment funds into the textile and garment industry, especially the spinning industry, Vietnam currently has more than 100 spinning mills and approximately 8.5 million spinning machines. In 2017, Vietnam’s spinning production capacity exceeded 2 million tons. With the signing of the CPTPP agreement, Vietnam’s spinning production capacity is expected to continue to increase in the next few years.
According to statistics, Vietnam’s yarn export volume reached 1.35 million tons in 2017, a year-on-year increase of 15.6%, of which pure cotton yarn accounted for 1 million tons. China, South Korea and Turkey are the main export destinations of Vietnamese yarn, accounting for more than 80% of Vietnam’s total cotton yarn exports.
With the strong demand for cotton yarn in the international market, Vietnam’s cotton consumption continues to increase. Vietnam’s cotton imports climbed to 1.2 million tons in 2016/17, a year-on-year increase of 20%. According to the average growth rate of Vietnam’s spinning industry, the international market’s demand for cotton yarn and the current situation of global cotton supply, Vietnam’s cotton imports are expected to reach 1.38 million tons in 2017/18, a year-on-year increase of 15%. Vietnam’s cotton imports in 2018/19 will continue to increase by 5% year-on-year to 1.45 million tons.
It is understood that US cotton has been the most important variety of cotton imported by Vietnam in the past ten years. In 2016/17, Vietnam’s cotton imports from the United States reached a record-breaking 644,000 tons, a year-on-year increase of 53%, and the import value reached US$1.07 billion, a year-on-year increase of 79%. More than 90% of Vietnam’s cotton imports from the United States are upland cotton. It is expected that Vietnam’s cotton imports from the United States will reach a new record of approximately 710,000 tons in 2017/18. (Title: Vietnam’s spinning production capacity continues to increase, cotton consumption breaks record again)
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