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MoU signed with Vietnamese clothing sector
10
Sep '09
A garment forum was recently held in Hanoi, Vietnam to increase cooperation with Vietnam. The Vice-Chairman of the Federation of Textile Industries in South Korea said that the garment industry in Vietnam plays an important role in the economic cooperation between the two countries.

He said that there were many opportunities for Vietnamese garment products in South Korea. In 2008, South Korea was the second largest investor in Vietnam's clothing sector after Taiwan with an investment of US $737 million.

South Korea stood sixth among garment importers from Vietnam with 2008 turnover reaching $139 million and in the first six months of the year, despite economic crisis, imports totaled $77 million, up 43 percent over the same period last year.

Of the, 1,500 Korean companies in Vietnam, 441 operate in the garment sector. At the forum, representatives from both sides signed a memorandum of understanding focusing on boosting trade and investment in the sector.

Fibre2fashion News Desk - India

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