Vietnam expects to continue growth of textile and garment exports to the Republic of Korea by the end of the year after strong results in the first seven months of 2018, according to the General Department of Customs (Source: thoibaonganhang.vn) Hanoi (VNS/VNA) – Vietnam expects to continuegrowth of textile and garment exports to the Republic of Korea by the end ofthe year after strong results in the first seven months of 2018, according tothe General Department of Customs.
Up until July, Vietnam gained a year-on-year increase of24.88 percent in textile and garment export value to 1.5 billion USD to the RoK,creating a strong breakthrough of those products to this market.
In July alone, the export value of those products to thisNorthern Asian market reached 270.7 million USD, a rise of 24.18 percentagainst June and 24.06 percent compared with July 2017.
China and Vietnam were the two largest garment suppliers tothe RoK market, accounting for 34.46 percent and 32.67 percent, respectively.
Vietnam’s garment exports to this market accelerated rapidlyreducing the gap between market share of China and Vietnam on the RoK garmentmarket at 40.18 percent and 29.52 percent, respectively, three years ago.
According to Vietnam’s General Department of Customs, theRepublic of Korea became the fourth largest export market of Vietnam, reaching 2.7billion USD in 2017.
The Ministry of Industry and Trade said the strong growth inexports to the Republic of Korea was mainly due to the high competitive abilityof Vietnam’s garments and higher spending of consumers on this market.
In addition, tariff preferences from the Vietnam – RoK freetrade agreement encouraged Vietnam’s textile and garment products entering theSouth Korean market, the ministry said. According to the FTA, 24 products ofVietnam enjoy lower tax against other countries in the ASEAN region.
By the end of this year, Vietnam’s textile and garmentexports to the RoK are expected to increase by 20 percent year on year. Thetextile and garment export value is estimated to rise 22 percent year on yearto 3.2 billion USD for this whole year, reported vneconomy.vn.
Vietnam is considered to have many advantages in supplyingtextile and garment products to the Republic of Korea. It is likely to becomethe largest garment supplier to this market.
The General Department of Customs said in the first sevenmonths of this year, Vietnam gained 10.2 billion USD from the total exportvalue to the RoK, a year-on-year increase of 32.13 percent.
Of which, three groups of phones and components, textile andgarment, and computers and electronic products achieved export value of over 1billion USD for each, accounting for over 40 percent of Vietnam’s total exportvalue of goods to this market.-VNS/VNA
Up until July, Vietnam gained a year-on-year increase of24.88 percent in textile and garment export value to 1.5 billion USD to the RoK,creating a strong breakthrough of those products to this market.
In July alone, the export value of those products to thisNorthern Asian market reached 270.7 million USD, a rise of 24.18 percentagainst June and 24.06 percent compared with July 2017.
China and Vietnam were the two largest garment suppliers tothe RoK market, accounting for 34.46 percent and 32.67 percent, respectively.
Vietnam’s garment exports to this market accelerated rapidlyreducing the gap between market share of China and Vietnam on the RoK garmentmarket at 40.18 percent and 29.52 percent, respectively, three years ago.
According to Vietnam’s General Department of Customs, theRepublic of Korea became the fourth largest export market of Vietnam, reaching 2.7billion USD in 2017.
The Ministry of Industry and Trade said the strong growth inexports to the Republic of Korea was mainly due to the high competitive abilityof Vietnam’s garments and higher spending of consumers on this market.
In addition, tariff preferences from the Vietnam – RoK freetrade agreement encouraged Vietnam’s textile and garment products entering theSouth Korean market, the ministry said. According to the FTA, 24 products ofVietnam enjoy lower tax against other countries in the ASEAN region.
By the end of this year, Vietnam’s textile and garmentexports to the RoK are expected to increase by 20 percent year on year. Thetextile and garment export value is estimated to rise 22 percent year on yearto 3.2 billion USD for this whole year, reported vneconomy.vn.
Vietnam is considered to have many advantages in supplyingtextile and garment products to the Republic of Korea. It is likely to becomethe largest garment supplier to this market.
The General Department of Customs said in the first sevenmonths of this year, Vietnam gained 10.2 billion USD from the total exportvalue to the RoK, a year-on-year increase of 32.13 percent.
Of which, three groups of phones and components, textile andgarment, and computers and electronic products achieved export value of over 1billion USD for each, accounting for over 40 percent of Vietnam’s total exportvalue of goods to this market.-VNS/VNA
VNA
