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Garment exports to S Korea rise
Trade co-operation is developing strongly between Viet Nam and South Korea, particularly in the garment sector, according to Ha Myeng Keun, executive vice chairman of the South Korean Federation of Textile Industries.
Speaking at a textile forum, held in Ha Noi on Tuesday by his federation and the Viet Nam Textile and Apparel Association, Ha noted that South Korea was Viet Nam’s second largest investor in the textile sector after China, with investments in the sector totalling US$737 million.
Over 440 South Korean enterprises were present in Viet Nam, including Pangrim, Hansae, Han-soll and Vina-Korea.
South Korea was also the sixth leading importer of garments from Viet Nam, with an import value reaching $139 million in 2008, Ha noted. It was $77 million in the first half of this year, up 43 per cent over the same period last year.
South Korea was also a major supplier of raw materials to Viet Nam’s garment industry, exporting $1.3 billion worth of fabric to Viet Nam in 2008, up by 2 per cent over 2007.
A memorandum of understanding was signed at the forum to further promote co-operation in the garment sector. Under the MoU, the two countries would focus on promoting investment, eradicating trade barriers, sharing information relating to the textile and garment sector, and more closely co-operating on international issues.
Deputy Minister of Industry and Trade Bui Xuan Khu said his ministry would promote the co-operation for the benefit of both countries.
VITAS hoped KOFTI and its member enterprises would further invest in yarn production, finished printing and dying, and fashion design, as well as helping Viet Nam boost exports of finished products.
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