VN, RoK foster business connection

Illustration photo

The head of the RoK delegation, Mr. Moon Chang Choi, said Korean businesses hope to connect more partners at the meeting. In the coming time, the RoK will develop the fashion market in Viet Nam in order to enter other markets in Southeast Asia, he added.

A representative of Dong Xuan Knitting Company, Nguyen Huy Quang, told the meeting of his intention to seek RoK fabric suppliers to meet the diverse demands of Vietnamese importers.

According to Viet Nam’s General Department of Customs, the RoK became the fourth largest export market of Viet Nam, reaching $2.7 billion in 2017.

The Ministry of Industry and Trade said the strong growth in exports to RoK was mainly due to the high competitive ability of Viet Nam’s garments and higher spending of consumers on this market.

In addition, tariff preferences from the Viet Nam – RoK free trade agreement encouraged Viet Nam’s textile and garment products entering the Korean market, the ministry said. According to the FTA, 24 products of Viet Nam enjoy lower tax against other countries in the ASEAN region.

By the end of this year, Viet Nam’s textile and garment exports to RoK are expected to increase by 20% year on year. The textile and garment export value is estimated to rise 22% year on year to $3.2 billion for this whole year.

                                                                                                                            By Vien Nhu