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There will more new business opportunities for Vietnam's textile and clothing t in the market of South Korea

2015.10.14   08:43

      According to Vietnam's Ministry of industry and Commerce of Asia Pacific Northeast Asia market leader fan Ke claimed that Vietnam's free trade agreement (VKFTA) after the official entry into force,will bring Vietnam Korea's textile and clothing more new business opportunities.

      The reason is that South Korea has promised to import tariffs on imported textiles,garments,and the rate from the current 8~13% to 0%.The textile and garment exports to South Korea for the Vietnam project the largest amount of.According to the Vietnam General Administration of statistics show that the (2015) years before the 4 months of Vietnam's textile and clothing amount of more than $0.587 billion,accounting for Vietnam total export amount of 1/4.Apart from textiles and garments,the export amount of various textile fiber exports to Korea was $62.9 million,technical fabric exports $25.9million.

      To 2015,South Korea for the fourth largest export market for Vietnam's textile and clothing industry.2014 Vietnam Korea's textile,clothing export amount of $2.4billion,compared with 2013 growth of 27%,of which the most powerful project for the coat,jacket,pants,etc..Vietnam's textile and garment exports will continue to grow by the year,and the export amount is $16.3billion.

      Firstly,the South Korean market demand continues to increase;secondly,Korea according to VKFTA to provide Vietnam tariff concessions,will give Vietnam textile and garment industry more competition opportunity.

      The goal of the textile and clothing industry this year is to maintain the export growth rate of Korea 27%~30%.

      In addition,South Korea for the Vietnamese textile and clothing industry zero ingredient supply market,only cloth,South Korea now supply nearly 20%,inferior to mainland China.(press:check,the zero burden of the textile and garment industry in Vietnam 50% rely on foreign imports,including China,South Korea,India,Taiwan).

      According to the Vietnam administration of customs statistics,the first 4 months of this year,textile garment,footwear zero ingredients mainly imported from mainland China,amount of imports for $22 billion,10.1% growth;from South Korea imported $807 million,a decrease of 4.8 percent;imports from Taiwan $749 million,an increase of 5%;from the United States imported $3.58 billion,growth of 17.4%).The Vietnam textile and apparel Zero ingredients still rely on import from Korea in accordance with the origin of enjoy preferential tariff is also an advantage.

      At present,according to South Korea FTA,Vietnam has enjoyed preferential treatment,the future plus VKFTA zero tariff will help expand the business opportunities in Vietnam textile and garment industry in South Korea.

By Emily

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