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Korea buys up VN garments
Garment and textile exports to South Korea could pass the US$1 billion mark this year, making it the fourth largest buyer of Vietnamese products after the US, the EU and Japan.
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| Garment 10 Joint Stock Company workers package shirts for export. Garment and textile firms have been urged to increase promotion of exports to South Korea. |
Export of garment and textile products to the country last year reached a record of more than $904 million, up 145 per cent over 2010, according to the Viet Nam Customs Department.
Alongside the increas-ing export turnover, the garment and textile sector in the past years has also attracted many Korean investors, the Viet Nam Textile and Apparel Association (Vitas) has said.
About 450 Korean firms are working in the sector in Viet Nam with a total registered capital of $1.8 billion. They have greatly contributed to the increase in export turnover of garment and textile products to the market.
Phan Van Kiet, deputy general director of the Viet Tien Garment Corporation, said there was still huge potential to increase export of textile and garment products to the Korean market. He explained that South Korea had changed the structure of its garment and textiles sector, focusing on the high-end segment, while young people in the country demand increased diversification.
Domestic garment and textile firms should increase promotion of their products to boost exports to the market in the coming years, he said.
The Korea-ASEAN Free Trade Agreement in 2007 has significantly increased trade between the two countries, according to the Viet Nam National Textiles and Garment Group (Vinatex).
The group has asked its members to use the FTA more effectively.
Viet Nam and Korea are set to sign a bilateral Free Trade Agreement in the near future. When it happens, the export of garment and textiles as well as other items like footwear and wood products is expected to increase further, according to Vu Duc Giang, Vitas chairman.
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