According to the Vietnam Textile and Apparel Association, orders from major markets such as the US, EU and Japan have experienced a slump which has made the country’s textile and garment industry turn with high expectations to the Korean market.
Export figures show that garment and textile turnover to Korea reached US$904 million in 2011, the highest compared to previous years.
The association said that Vietnamese firms should focus on high-grade market segmentation to develop the diversity of consumer demand of Korean teenagers.
Currently, there are 450 Korean firms investing in Vietnam’s textile and garment industry with total investment of $1.8 billion, making Korea one of the biggest investors in Vietnam.
With these advantages, Vietnam’s textile and garment export turnover to Korea could top $1 billion this year.
