According to a report by Vietnam’s “Investment News” on January 23, Vietnam exported US$24.5 billion in textiles in 2014, a year-on-year increase of 16.9%. Among them, textile exports to South Korea were US$2.4 billion, an increase of 27%, and are expected to exceed US$3 billion in 2015. In 2015, many Korean textile companies will build textile factories in Vietnam, especially to produce textile raw materials and auxiliary materials, in order to enjoy the benefits brought by various free trade agreements.
According to reports, South Korea’s RioIndsuties company will start construction of a factory in Guangnan Province in March 2015, with an investment of US$6 million in the first phase of the project to produce polyester yarn, nylon thread and needle thread. Currently, 90% of Vietnam’s needlework needs to be imported, and RioIndsuties’ products will meet Vietnam’s domestic demand and be exported. South Korea’s Dong-IL Co., Ltd. located in Dong Nai Province plans to invest US$52 million and will be put into production in mid-2015 to supply fiber to the Vietnamese domestic market and export it.
