Home / Knowledge / News / Import/Exports / FTA with Korea to boost Vietnamese garment exports
FTA with Korea to boost Vietnamese garment exports
25
Jan '13
The Free Trade Agreement (FTA) between Vietnam and South Korea, talks for which are scheduled to begin in this quarter, is likely to create a positive impact on the trade relation between the two countries, including a rise in exports of garments from Vietnam to South Korea, according to Mr. Vo Thanh Ha, deputy director of the Asia Pacific Market Department under the Ministry of Trade and Industry.

Speaking at a seminar on the Vietnam-South Korea FTA talks, he said South Korea is the fourth largest trade partner of Vietnam whereas Vietnam is the sixth largest export market of South Korea and the two-way trade relation between the two countries had grown sharply from US$ 500 million in 1992 to US$ 21.1 billion in 2012.

He said that currently, around 60,000 people are guest workers in Vietnam and it is the biggest Overseas Development Assistance (ODA) recipient of South Korea.

He informed that in terms of foreign direct investment (FDI) in Vietnam, after Japan and Taiwan, South Korea ranks third with over 3,100 projects with a combined investment of about US$ 25 billion.

According to Mr. Le Van Dao, advisor to the Vietnam Textile and Apparel Association (VITAS), presently, more than 200 South Korea invested textile and garment firms are operating in Vietnam, which together provide jobs to around 180,000 Vietnamese citizens.

He revealed that South Korea was the fourth largest importer of Vietnamese apparels last year and there was a surge of 11.5 percent in the import of Vietnamese clothing by South Korea compared to the year 2011.

He opined that the FTA with Vietnam shall provide more investment opportunities for South Korea in textiles, dyeing and fashion.

Fibre2fashion News Desk - India


Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

Relaxation in FDI norms will support growth of retail sector

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Atul Mittal,

Atul Mittal

Established in 1997, Pratibha Syntex produces over 60 million pieces of...

Herbert Guebeli,

Herbert Guebeli

Switzerland-based Sedo Engineering develops technologies for the denim...

Wesly Clements,

Wesly Clements

US-based Baldwin Technology Company is a global manufacturer and supplier...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

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

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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


October 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search