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

Pressure on  Indian textiles exporters to ease by Q3: ICRA

Textiles | On 17th Oct 2017

Pressure on Indian textiles exporters to ease by Q3: ICRA

Pressures on the profit and debt levels of textiles exporters is...

S Korean fashion brands expand overseas amid slump at home

Fashion | On 17th Oct 2017

S Korean fashion brands expand overseas amid slump at home

South Korean fashion firms are keen on tapping into overseas markets...

GMAC urges Cambodia to push fabric-forward rule in RCEP

Apparel/Garments | On 17th Oct 2017

GMAC urges Cambodia to push fabric-forward rule in RCEP

Representatives from the Garment Manufacturers Association of...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

October 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
76.9%
No
13.8%
Skip
9.2%

Total Votes: 65

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
61.5%
No
27.7%
Skip
10.8%

Total Votes: 65

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
84.6%
No
10.8%
Skip
4.6%

Total Votes: 65

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
73.8%
No
12.3%
Skip
13.8%

Total Votes: 65


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