GARMENT SECTOR TARGETS USD3 BILLION EXPORT VALUE TO ROK

The highest growth was seen in jackets, overcoats, suits and male and female trousers.

The Republic of Korea is Vietnam's fourth-largest textile and garment export market.

The Ministry of Industry and Trade said last year the market share of Vietnam textile and garment export to the RoK reached 16.4 percent, an increase of 2.1 percent compared to 2013.

This year, the RoK's textile and garment import turnover is expected to reach USD16.3 billion, an increase of 11.6 percent over last year.

Tran Viet, head of the Vietnam Textile and Garment Group's market department, said the RoK is still a major market for Vietnamese textiles and garments, along with markets such as the US, the EU and Japan.

He said that textile and garment export turnover to the RoK is expected to keep pace with exports to Japan and to narrow the gap with exports to the EU.

Viet pointed out that textile and garment exports to Japan reached USD2.7 billion last year, only USD300 million higher than the Korean market. Export turnover for the EU market was USD3.4 billion.

Nguyen Van Thang, Production Director of the Bac Giang Garment Joint-Stock Co in Bac Giang province, said last year the company's export turnover reached USD160 million, of which the RoK market accounted for 40 percent.

The company plans to give priority to the RoK this year and in coming years, he added.

Thai Binh's Dong Phong Ltd. Co said it will raise investment in order to increase exports to the RoK this year, as it sees many opportunities there.

Le Tien Truong, Vice Chairman of the Vietnam Textile and Garment Association, said compared to other export sectors, textile and garment businesses have made adequate preparations ahead of upcoming foreign trade agreements.

According to the General Customs Office, the number of Vietnamese businesses with import/export activities with the RoK increased from 10,900 in 2013 to 13,100 last year.

In the textile and garment sector, there are more than 100 domestic enterprises and 510 RoK-invested companies./.

Source: CPV