Home / Knowledge / News / Textiles / S Korea, Vietnam sign trade and investment MoU
S Korea, Vietnam sign trade and investment MoU
09
Mar '16
The Korea Trade-Investment Promotion Agency (KOTRA) signed a memorandum of understanding with the Investment and Trade Promotion Centre of HCM City (ITPC) last week to facilitate the exchange of investment and trade information between the two sides.

The MoU also aims to boost import and export activities between the two countries, according to a leading Vietnamese daily.

Pham Thiet Hoa, ITPC's director, said under the agreement, both sides would cooperate to disseminate information about the free trade agreement between Vietnam and South Korea, and solve obstructions in investment and trade in each other's markets.

KOTRA also signed an MOU with the Saigon High-Tech Park to promote investment of South Korea firms in the hi-tech sector in Vietnam and boost co-operation between Vietnamese and South Korean businesses.

The two sides also opened the Korean-Vietnam FTA Support Center in HCM city.

Roh Inho, Vice President of KOTRA in charge of ASEAN and Oceania, said the Vietnam and South Korea FTA, which took effect last December, opened opportunities for Vietnam's key export items, including farm produce, aquatic products, garment and textile and footwear to enter the South Korean market.

Roh Inho said free trade agreements help attract the investment of enterprises from South Korea to Vietnam's garment market.

South Korea has a high demand for tropical fruits like mango and pineapple, making it a promising market for Vietnam, according to the KOTRA official.

With lower tariff duties under the FTA, South Korean firms will have opportunities to boost exports of raw materials and accessories for the garment and textile sector, household equipment, cosmetics and others.

In order to increase exports to South Korea, Vietnamese firms need to focus more on improving product quality, design and competitive prices.

Speaking at the Korea-Vietnam FTA in HCM City, Park Noh Wan, the South Korean Consul General in HCM City, said more than 2,500 South Korean firms were operating in HCM City and neighbouring localities.

Besides investment in labour-intensive industries like garment and textile and footwear, many invested in hi-tech sectors like electricity and electronics, contributing to the development of Vietnam's industrial sector, he said.

Nguyen Thi Thu, deputy chairwoman of the HCM City People's Committee, said the city welcomed foreign companies, including those from South Korea, to research investment opportunities in the city. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Riddhi Jain

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

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Marten Alkhagen
Swerea IVF AB

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth 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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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