Moving up on the chart, Vietnam has now become the second largest exporter of textile and garment products to South Korea, after China as it makes up one-fourth of South Korea’s apparel market. According to Vietnam Textile and Apparel Association (Vitas), Vietnam exported textiles and garments worth US $ 627.4 million in the first four months of this year which is an increase of 8.25 per cent over the same period last year. This growth is majorly credited to the announcement of ASEAN – Korea Free Trade Agreement (AKFTA). Once the AKFTA agreement takes effect from January 1, 2016, Vietnamese textile and apparel products that satisfy certificate of origin norms will enjoy zero tariffs.
