Cotton prices are stable at low levels stemming from both supply and demand of the market. On the supply side, cotton production gradually recovered after the effects of drought in the main cotton-growing region of the US in mid-2022. Stable cotton prices are a good thing for big cotton importing countries like Việt Nam. However, in the past few years, along with the development of the labour market, cheap labour in Việt Nam has no longer been an advantage. In fact, the "green" transition has been implemented by many businesses in Việt Nam for the past five years.
