Vietnam’s yarn industry faces many challenges in production and export, especially to China, one of the largest export markets for local yarn products, according to experts. The Viet Nam Textile and Apparel Association (Vitas) said that in December 2018 and January 2019, Viet Nam’s yarn production industry had to accept a drop in yarn price to $2.6 per kilo, as well as a kilo of cotton falling to $2.1, to maintain production and keep customers. Normally, in yarn production and trading, when the gap between raw material buying prices and product selling price is $1 per kilo, yarn producers can maintain operations. However, from October 2018 until January 2019, the gap was only 50-60 US cents per kilo. Therefore, the yarn manufacturers had to suffer huge losses from their yarn production, said Le Tien Truong, Vitas deputy chairman. In February 2019, the gap was nearly $1 per kilo with the cotton price at $1.9 per kilo and yarn price at $2.8 per kilo. This level was acceptable for the yarn production industry. However, the gap is unlikely to be sustainable due to the results of the US-China trade negotiations, according to the association. The difficulties faced by the domestic yarn… Read full this story
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