Vinatex to Invest VND3.5T for Cotton Cultivation in Vietnam Central Highlands

The Vietnam Textile and Garment Corporation (Vinatex) said it will finance VND3.5 trillion (US$207.1 million) for central highlands provinces of Dak Nong, Dak Lak and Gia Lai to develop the cotton cultivation area.

 

Vinatex will provide local cotton growers with seeds, tools, technical support and commit to purchase the products with a priority price.

 

Vietnam needs about 200,000 tons of cotton for its textile and garment production each year, said a Vinatex official. However, the domestic cotton industry meets less than 2 per cent of the demand.

 

Vinatex has targeted to raise the productivity of the cotton sector to 40,000 tons of raw cotton by 2015 and 60,000 tons by 2020 in order to ensure security of materials for the textile and garment sector and meet 10 per cent-15 per cent of the country’s demand in the future. (New Hanoi, VNS)