Korean textile companies expand investment in Vietnam

According to a report by Vietnam’s “Investment News” on December 12, currently, about 500 Korean companies have invested in Vietnam’s textile and garment industry, with a total contract value of US$2 billion. The Vietnam Textile Association said that since this year, many Korean textile companies have inspected the Vietnamese market and plan to launch joint ventures or wholly-owned production.
According to reports, in 2013, Vietnam exported nearly US$1.2 billion in textiles to South Korea, and in the first 11 months of this year, exports exceeded US$1.4 billion. South Korea has become Vietnam’s fourth largest textile export market, second only to the United States, the European Union, and Japan. In 2013, the bilateral trade volume between Vietnam and South Korea was approximately US$21.9 billion, and in the first 11 months of this year, it was approximately US$26.1 billion. Vietnam is South Korea’s ninth largest trading partner.