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Korea-Vietnam FTA to improve bilateral textile business
22/12/2014 12:00
The bilateral textile and apparel trade between Vietnam and South Korea is likely to get a boost once the recently concluded Free Trade Agreement (FTA) between the two nations is implemented. As per the FTA, Vietnam will remove import tariffs on 92.2 per cent of all products once the FTA is implemented, compared to 86.2 per cent of goods in the ASEAN-Korea FTA.
Vietnam has simplified its rules of origin and customs clearance, which will benefit textile and garments made in the inter-Korean Kaesong Industrial Complex. Korean companies specialising in cotton would benefit in price competitiveness vis-a-vis Japanese companies in Vietnam.
The volume of Korean exports to Vietnam increased three-fold from US $ 7.16 billion in 2009 to US $ 21.8 billion in 2013, according to the Korean Ministry of Trade, Industry and Energy.The latest FTA aims to increase the bilateral South Korea-Vietnam trade to US $ 70 billion by 2020.
Source: apparelresources.com
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