HO CHI MINH CITY, VIETNAM – According to the Foreign Agricultural Service (FAS), Vietnam’s success in controlling COVID-19 has allowed textile and garment companies to maintain their operations, despite short-term disruptions. Based on this, FAS has revised its estimate for Vietnam’s cotton imports in 2021 up 5 percent to approximately 6.8 million bales due to high demand from China and South Korea. Despite this recovery, U.S. cotton exports to Vietnam will decline by 10 percent this marketing year, as Vietnamese spinners are encountering difficulties in buying U.S. cotton due to major purchases by China. Brazil is using this opportunity to increase its cotton exports to Vietnam and will see its market share continue to grow as Vietnam’s cotton imports next year are expected to increase 5 percent, to 7.1 million bales.
(SOURCE: All Ag News)