Vietnamese garment and textile exports are expected to rise significantly and cross the US$ 1 billion mark this year. This will make South Korea the fourth biggest export destination for Vietnamese garments and textiles, next to the US, EU and Japan. With a year-on-year rise of 145%, Vietnam’s textile and garment exports to South Korea reached US$ 904 million last year. While Vietnam’s exports to the South Korea are rising robustly, Korean enterprises have also vigorously invested in Vietnamese garment industry, with overall investment adding up to US$ 1.8 billion.

According to experts, besides textiles and garments, Vietnam’s footwear exports to South Korea are also likely to grow, as the two countries are soon likely to ink a free trade agreement (FTA).

Since middle of last year, about 100 members of the Vietnam National Textile and Garment Group (Vinatex) have prepared themselves to cash-in on the ASEAN-Korea FTA and the likely FTA between Vietnam and South Korea. The FTA is expected to boost Vietnam’s garment industry and create better atmosphere for the country’s businesses to associate with their counterparts in South Korea.