Home / Knowledge / News / Textiles / Korea-Vietnam FTA to boost bilateral textile trade
Korea-Vietnam FTA to boost bilateral textile trade
22
Dec '14
Korea-Vietnam FTA signing ceremony on Dec 10
Korea-Vietnam FTA signing ceremony on Dec 10
The bilateral textile and apparel trade between Vietnam and South Korea is likely to get a boost once the recently concluded free trade agreement (FTA) between the two nations is implemented.
 
The FTA was concluded on December 10, 2014, after 2 years and four months since the negotiations began in August 2012. The FTA includes some of the items that were excluded from the earlier ASEAN-Korea FTA.
 
As per the FTA, Vietnam will remove import tariffs on 92.2 per cent of all products once the FTA is implemented, compared to 86.2 per cent of goods in the ASEAN-Korea FTA. 
 
Vietnam has simplified its rules of origin and customs clearance, which will benefit textile and garments made in the inter-Korean Kaesong Industrial Complex. Korean companies specialising in cotton would benefit in price competitiveness vis-a-vis Japanese companies in Vietnam.
 
On the other hand, Vietnam-made garments such as men’s trousers and shirts, women’s suits, coats, jackets, blouses, and cotton yarn will get duty-free entry into the Korean market once the FTA takes effect.
 
For South Korea, Vietnam is the ninth-largest trading partner in the world, and second-largest among Asean nations. The volume of Korean exports to Vietnam increased three-fold from US$ 7.16 billion in 2009 to $21.8 billion in 2013, according to the Korean Ministry of Trade, Industry and Energy.
 
The latest FTA aims to increase the bilateral South Korea-Vietnam trade to $70 billion by 2020. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search