Vietnam’s textile and garment industry has reported a sharp increase in fabric imports so far this year, as the price of cotton fibres have soared.

For the first nine months of the year, the country imported 279,000 tonnes of cotton of all types, worth US$493m. This is a 28% volume increase but an 80% rise in value.

According to the latest statistics released by Vietnamese General Statistics Office (GSO), imports of fibres as a whole reached 409,000 tonnes worth over US$800m, rising by 13% in volume and 41% in value.

The country's textile and garment exports reached US$7.49bn during the same period, up 19.7% and are expected to exceed the 2010 target of US$10.5bn.