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South Korea & Vietnam aim to cooperate in textiles sector
Dec '13
The Ministry of Industry and Trade of Vietnam, with support from the Vietnamese Embassy in Korea and the Vietnam Textile and Apparel Association (VITAS) collaborated with the Korean Textile Association, and organized a seminar in the South Korean capital city of Seoul, in order to promote cooperation between the two countries in the textiles sector.
According to a statement issued by the Vietnamese Ministry of Industry and Trade, the ‘Cooperation in Textiles, South Korea-Vietnam’, was organized in order to promote cooperation between the two nations, especially in the field of textiles dyeing and finishing, as well as attract more Korean businesses to invest in Vietnam's garment industry.
At the seminar, Vietnamese Ambassador to Korea Pham Huu Chi welcomed the initiative stating that the textiles sector of the two countries have a deeper understanding of each other’s markets and hence, the correct decisions could be made in terms of trade and cooperation.
The combination of experience, the level of technology and business capital of South Korea with hard labor, costs and reasonable access to the export markets of Vietnam, would create an amalgamation that would further facilitate the textiles sector of both the countries, which continues to be the driving force of the economic and trade relations between the two nations, he added.
More than 160 textile industry representatives and government officials from both the countries attended the event where presentations were made about mechanisms and policies for development of Vietnam’s textile and garment industry.
Cooperation between the two countries in the textiles sector would certainly develop further trade relations between South Korea and Vietnam. The two countries are also expecting to soon finish negotiating a bilateral free trade agreement, which would also open up opportunities for cooperation in the textiles sector.
According to the General Department of Customs data, from January to October 2013, the exports of apparel and textiles from Vietnam to South Korea increased by a sharp 49.2 percent year-on-year to US$ 1.37 billion.

Fibre2fashion News Desk - India

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