Vietnam + reported on December 22 that the Trade Promotion Bureau of Vietnam's Ministry of industry and trade, together with Vietnam Textile Association (vitas), Vietnam leather, footwear and handbag Association (Lefaso), Korea trade and investment promotion commune (KOTRA), Korea Garment Association and relevant departments, recently jointly held an online docking meeting between Vietnam and Korea's textile, garment and leather shoes industry. It aims to provide the latest information on the cooperation between Vietnam and South Korea in the field of textile and garment, and introduce the import and export potential and investment demand of Vietnamese and South Korean enterprises.
Li Huangcai, deputy director of the Trade Promotion Bureau, said that at present, South Korea is an important economic partner of Vietnam. In 2020, South Korea is the largest source of foreign investment and the third largest trading partner of Vietnam. 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 export to South Korea was US $17.9 billion, a year-on-year increase of 11.5%, and its import from South Korea was US $45.1 billion, an increase of 20.2%.
Li Huangcai hopes to explore and understand the cooperation needs, capabilities and business opportunities between Vietnamese and Korean enterprises through this activity, so as to build a sustainable and effective production value chain of Vietnamese and Korean textile, clothing and leather products. Help achieve the goal of reaching US $100 billion in bilateral trade between Vietnam and South Korea by 2023.
The representative of Korea trade and investment promotion commune (KOTRA) in Vietnam said that South Korea is the largest source of investment in Vietnam's textile and garment industry. From 1989 to 2019, 464 Korean textile and garment enterprises invested in Vietnam, accounting for 25% of Vietnam's total FDI (SIC). Among them, Vietnam is the second largest trading partner of South Korea in the field of textile and clothing and the largest foreign investment destination of South Korea.
