According to Vietnam’s “Vietnam+” report on December 11, the Trade Promotion Bureau of the Ministry of Industry and Trade of Vietnam and the Vietnam Textile Association (VITAS) and the Vietnam Leather, Footwear and Handbags Association (LEFASO) , Korea Trade and Investment Promotion Agency (KOTRA), Korea Fashion Association and relevant departments recently jointly held an online matchmaking meeting between Vietnam and South Korea’s textile, clothing and leather shoe industries. It aims to provide the latest information on cooperation between Vietnam and South Korea in the field of textiles and clothing, and introduce the import and export potential and investment needs of Vietnamese and South Korean enterprises.
Le Hoang Cai, deputy director of the Trade Promotion Bureau, said that South Korea is currently an important economic partner of Vietnam. In 2020, South Korea will be Vietnam’s largest source of foreign investment and Vietnam’s third largest trade partner. partner. In the first 10 months of 2021, the bilateral trade volume between the two countries reached US$63 billion, a year-on-year increase of 17.6%, of which Vietnam’s exports to South Korea were US$17.9 billion, a year-on-year increase of 22.5%, and Vietnam’s imports from South Korea were US$45.1 billion, an increase of 20.2%.
Le Hoang Cai hopes to explore and understand the cooperation needs, capabilities and cooperation business opportunities between Vietnamese and Korean enterprises through this event, so as to build a Vietnamese-Korean textile, clothing, leather Sustainable and efficient production value chain for products. Help achieve the goal of Vietnam-South Korea bilateral trade volume reaching 100 billion US dollars by 2023.
The representative of the Korea Trade and Investment Promotion Agency (KOTRA) in Vietnam said that South Korea is the largest source of investment in Vietnam’s textile and apparel industry. From 1989 to 2019, 464 Korean textile and apparel companies invested in Vietnam, accounting for 25% of Vietnam’s total FDI (sic). Among them, Vietnam is South Korea’s second largest trading partner in the field of textiles and apparel, and is also South Korea’s largest foreign investment destination. </p
