Vietnamese garment and textile companies are targeting a total exportturnover of an estimated 3 billion USD to the Republic of Korea thisyear, Vietnam Investment Review reported.
The total exportturnover of Vietnam's textile and garment sector to the RoK reached 2.4billion USD last year, an increase of 27 percent compared to 2013.
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.
TheMinistry of Industry and Trade said last year the market share ofVietnam textile and garment export to the RoK reached 16.4 percent, anincrease of 2.1 percent compared to 2013.
This year, the RoK'stextile and garment import turnover is expected to reach 16.3 billionUSD, an increase of 11.6 percent over last year.
Tran Viet, headof the Vietnam Textile and Garment Group's market department, said theRoK is still a major market for Vietnamese textiles and garments, alongwith markets such as the US, the EU and Japan.
He said thattextile and garment export turnover to the RoK is expected to keep pacewith exports to Japan and to narrow the gap with exports to the EU.
Vietpointed out that textile and garment exports to Japan reached 2.7billion USD last year, only 300 million USD higher than the Koreanmarket. Export turnover for the EU market was 3.4 billion USD.
NguyenVan Thang, Production Director of the Bac Giang Garment Joint-Stock Coin Bac Giang province, said last year the company's export turnoverreached 160 million USD, of which the RoK market accounted for 40percent.
The company plans to give priority to the RoK this year and in coming years, he added.
ThaiBinh's Dong Phong Ltd. Co said it will raise investment in order toincrease exports to the RoK this year, as it sees many opportunitiesthere.
Le Tien Truong, Vice Chairman of the Vietnam Textile andGarment Association, said compared to other export sectors, textile andgarment businesses have made adequate preparations ahead of upcomingforeign trade agreements.
According to the General CustomsOffice, the number of Vietnamese businesses with import/exportactivities with the RoK increased from 10,900 in 2013 to 13,100 lastyear.
