Vietnam is an important trading partner of South Korea’s textile, leather and footwear industries
Kyoung Don Kim, head of the investment promotion group of the Korean Trade and Investment Promotion Agency in Hanoi, said that South Korea is the largest investor in Vietnam’s textile industry, and as of 2019, Korean textile companies accounted for more than 25% of the country’s textile industry. The amount of foreign direct investment (FDI) in Vietnam; Vietnam is also the second largest trading partner of South Korea’s textile industry. As of 2020, the total bilateral textile industry trade reached US$6.3 billion.
According to Truong VanCam, vice chairman of the Vietnam Textile Association (VITAS), Vietnam’s textile industry is currently focusing on processing and production, and the foundation of local brand design and sales has not yet been perfected. The Vietnam Textile Association expressed the hope that Korean companies will continue to actively invest in Vietnamese textile companies, especially in the upstream stages such as fabric production, dyeing and finishing fields, and textile raw and auxiliary materials fields, and design time to meet the conditions of various free trade agreements.
In addition to the textile industry, leather and shoemaking are also key areas of cooperation between South Korea and Vietnam. According to Phan Thi Thanh Xuan, vice chairman and secretary-general of the Vietnam Leather, Footwear and Handbags Association, Vietnam’s leather and footwear industry exports a large share to the international market, with a value of approximately US$20 billion, second only to China. There are currently about 2,000 companies in this field, involved in the production of raw materials to finished products. South Korea is one of the five major export markets for Vietnam’s leather and shoemaking, with an annual growth of about 10%. He said that in the future, Korean companies and Vietnamese companies will have more cooperation opportunities, thereby improving the export performance of Vietnam’s leather and shoemaking industry.
AAA composite fabric mesh DFGE465IU8GHYJ
Disclaimer:
Disclaimer: Some of the texts, pictures, audios, and videos of some articles published on this site are from the Internet and do not represent the views of this site. The copyrights belong to the original authors. If you find that the information reproduced on this website infringes upon your rights, please contact us and we will change or delete it as soon as possible.
AA