Hanoi (VNA) – Vietnam spent more than 2 billion USD on importingcotton in the first eight months of 2018 – the biggest-ever spending of thegarment and textile sector.
Of the total, imports from the US exceeded 1 billion USD,according to the Vietnam Customs.
The increase in spending on cotton imports was attributed togrowth in garment and textile exports, as Vietnam depends on nearly 100 percentof imported cotton materials.
Vietnam estimates to use more than 3 billion USD to buycotton this year, up 700-800 million USD against the previous year.
The country also set a target of earning 34-35 billion USDfrom exporting garment and textile products.
Last year, the textile and garment industry gained ayear-on-year increase of 10.23 percent in the export value of textiles andgarment to 31 billion USD, higher than its target set at the beginning of theyear at 30 billion USD.-VNA