Commodity Online
WASHINGTON : US Department of Agriculture Tuesday said cotton production in Vietnam will fall 56 percent this year because farmers switched to more profitable crops, including corn, sweet potatoes and soybeans.

In a report, the USDA said cotton output will drop to 2,570 tons in the marketing year that ends July 31, down from 5,880 tons a year earlier, as harvest area declines to 5,210 hectares from 12,500 hectares.

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Production will rise to 2,960 tons next year, it said. The price has fallen 29 percent in the past year as global consumption dwindled.
Imports in the current crop year will probably fall 8.1 percent to 230,000 tons from 250,150 tons a year earlier, as the global recession hurts demand from the garment and textile industry, the report said.

Vietnam National Textile and Garment Group (Vinatex) plans to invest VND3.5 trillion ($207 million) in expanding the cotton planting area in three Central Highlands provinces