Vietnam, which has earned the tag of being among the top five textile and apparel exporting countries in the world, is expected to see rise in cotton import in 2016-17. If reports are to be believed then cotton import this year may reach five million bales this fiscal.
The US, third largest cotton producing nation, will be one of the biggest beneficiaries as 40 per cent of the total cotton import will reportedly come from there. Vietnam has noted an average increase of 22 per cent in cotton consumption year on year over the last five years.
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Textile and garment industry in Vietnam is expected to flourish in the coming years due to various free trade agreements, such as the Trans-Pacific Partnership, the free trade agreement with the EU, and that between ASEAN and China, and Vietnam and Korea. This also means that Vietnam will remain as one of the fastest growing cotton importing countries due mounting demand.
