Vietnam becomes RoK's major trading partner in textile, footwear sectors

VOV.VN - The Republic of Korea (RoK) takes the lead in terms of investing into the Vietnamese garment and textile industry, with bilateral trade in the field reaching roughly US$6.3 billion by 2020.

This information was unveiled at the “Webinar and online business matching on connecting Vietnam – Korea Business in the fields of textile, leather and shoes” held on December 21.

During the event, Kyung Don-kim, head of the Investment Promotion Department under Korea Trade Investment Promotion Agency (KOTRA) in Hanoi, said that up to 464 Korean companies have injected money into the country during the 1989 to 2019 period, accounting for over 25% of total foreign direct investment (FDI).

Le Hoang Tai, deputy director of the Vietnam Trade Promotion Agency (Vietrade), said the event has provided an ideal venue for Vietnamese and Korean enterprises to ramp up co-operation and seek business opportunities with the aim of building a value chain for textile and footwear products in a sustainable manner.

It is expected to contribute to raising the total two-way trade turnover between both sides to US$100 billion by 2023, Tai added.

Truong Van Cam, vice chairman of the Vietnam Textile and Apparel Association, expressed his hope that the RoK will pour additional investment into the Vietnamese textile and garment industry moving forward.

It is especially needed in the stages of producing fabrics, dyeing, and designing, as well as supplying textile materials to meet the requirements set forth in free trade agreements (FTAs).

Phan Thi Thanh Xuan, Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association (LEFASO shared that the export proportion of the Vietnamese leather and footwear industry to the global market is relatively large, reaching approximately US$20 billion and ranking second behind only China.

Currently, roughly 2,000 local enterprises are in the process of participating in the production of raw materials, accessories and finished products, she said, adding that among the five major export markets, the RoK remains an important market boasting an annual growth rate of about 10%.

These factors will contribute to opening up a wealth of opportunities for Vietnamese businesses to further co-operate alongside Korean importers in bolstering exports to the Korean market in the near future, Xuan emphasized.

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