The Republic of Korea (RoK) and Vietnam expect a partnership between them in textiles to bear rich dividends. The confidence stems from the setting up of a collective system wherein both the nations help each other in human resources and technology.
The Trade Counsellor at the Consulate General of RoK, HCM City, Ahn Seong Ho, averred that the bilateral trade surged by over 20 per cent last year to touch US $ 64 billion.
The bilateral trade is expected to get a big boost once the free trade agreement (FTA) between Vietnam and RoK comes into effect. Ahn Seong Ho further added that while Korea was strong in technology, Vietnam had a huge supply of skilled workforce.
Last year, RoK had invested hugely on as many as 44 textile projects in Vietnam at a cost of US $ 178.16 million. According to Korea International Trade Association, the first quarter of 2018 saw Vietnam’s textile products make up 34.05 per cent of RoK market (value), which is a notable annual jump of 2.33 per cent. RoK, among many countries, is one of the biggest foreign direct investors in Vietnam.
Vu Duc Giang, Chairman, VITAS, said that VITAS along with Korea Institute of Industrial Technology, also known as KITECH, has been organising programmes on technology transfer, trade promotion as well as training of personnel since last 3 years.
Industry experts say, while Vietnam should focus more on technology and automation, they should also focus on making wrinkle-resistant and comfort wear garments.