Vietnam, as an emerging economy in Southeast Asia and the world's second-largest textile exporter, has experienced rapid economic growth in recent years. The textile industry has become a key pillar of the Vietnamese economy, driving an increase in cotton demand. However, Vietnam's cotton production is extremely low, meeting only about 1% of its domestic demand, which forces the country to heavily rely on imports to support its garment and textile industry. Vietnam is now the third-largest cotton-importing country in the world, with annual cotton import values reaching several billion dollars.
Based on the data, Vietnam's cotton imports reached USD 2.744 billion in 2023, and with rising market demand in 2024, the import value from January to May 2024 approached USD 1.309 billion.
According to the analyst, Vietnam's main sources of cotton imports include the United States, Australia, Brazil, China, and Singapore. Among them, the United States is the largest supplier of cotton to Vietnam, with a significant proportion of Vietnam's cotton imports coming from the U.S. annually. Between 2021 and 2024, Vietnam's primary cotton suppliers were the U.S., Australia, and Brazil, with key exporters to Vietnam including SUNRAY MACAO COMMERCIAL LIMITED, BROS MACAO COMMERCIAL OFFSHORE LIMITED, AND LOUIS DREYFUS COMPANY SUISSE S.A.
The analyst also indicates that between 2021 and 2024, Vietnam’s major cotton importers were companies in the textile and garment sectors, including BROTEX (VIETNAM) CO. LTD., TEXHONG GALAXY, AND TEXHONG YINLONG TECHNOLOGY.
Overall, due to Vietnam's limited domestic cotton production capacity, the country relies heavily on imported cotton. As the global economy recovers and Vietnam's textile industry continues to grow, demand for high-quality cotton and stable supply is expected to rise. The analyst forecasts that with the upgrading of Vietnam's textile industry and the expansion of international markets, the demand for cotton in Vietnam will continue to grow, along with increasing cotton import volumes.
Topics covered:
- The Import and Export of Cotton in Vietnam (2021-2024)
- Total Import Volume and Percentage Change of Cotton in Vietnam (2021-2024)
- Total Import Value and Percentage Change of Cotton in Vietnam (2021-2024)
- Total Import Volume and Percentage Change of Cotton in Vietnam (2024)
- Total Import Value and Percentage Change of Cotton in Vietnam (2024)
- Average Import Price of Cotton in Vietnam (2021-2024)
- Top 10 Sources of Cotton Imports in Vietnam and Their Supply Volume
- Top 10 Suppliers in the Import Market of Cotton in Vietnam and Their Supply Volume
- Top 10 Importers of Cotton in Vietnam and Their Import Volume
- How to Find Distributors and End Users of Cotton in Vietnam
- How Foreign Enterprises Enter the Cotton Market of Vietnam
- Forecast for the Import of Cotton in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- Sunray Macao Commercial Limited
- Bros Macao Commercial Offshore Limited
- Louis Dreyfus Company Suisse S.A.
- Brotex (Vietnam) Co. Ltd.
- Texhong Galaxy
- Texhong Yinlong Technology
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | October 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 3.14 Billion |
| Forecasted Market Value ( USD | $ 5.67 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
