Viet Nam is the second largest garment exporter to the Republic of Korea (RoK), only after China, according to the Viet Nam Textile and Garment Association.
Viet Nam gained more than US$627.4 million from exporting garment and textile to the RoK, a year-on-year increase of 8.25% and accounting for 25.15% of the RoK’s total garment import turnover.
According to the recently-inked Viet Nam-RoK Free Trade Agreement, Viet Nam’s garment and textile will enjoy the tariff of 0% since January 1, 2016 instead of the current tariff from 8-13%, which is regarded as big chances for both sides to trade.
Source: VGP