Vietnam is likely to earn 1 billion USD from exports of textile and garments to the Republic of Korea (RoK) this year, said President of the Vietnam Textile and Apparel Association (Vitas) Vu Duc Giang.

With this figure, the RoK will become the fourth largest key market of Vietnam ’s textile and garments sector, after the US , the European Union and Japan .

Last year, Vietnam ’s export of textile and garments to the RoK surpassed 904 million USD, a year-on-year increase of 145 percent, the highest growth rate so far.

It is noteworthy that along with the strong rise in Vietnam ’s export to the RoK, Korean businesses have invested intensively in the garment sector in Vietnam , with total investment reaching 1.8 billion USD.

The Vitas leader said not only textile and garments but also footwear and furniture can hope for a greater share in the RoK market when the two countries sign a free trade agreement (FTA) in the near future.

Since mid 2011, more than 100 affiliates of the Vietnam National Textile and Garment Group (Vinatex) have made necessary preparations to take advantage of the ASEAN-RoK FTA and the upcoming FTA between Vietnam and the RoK.

“The FTA will give a boost to the garment industry and create better conditions for Vietnamese businesses to link up with RoK partners which are strong in terms of technology and materials,” said Vinatex General Director Tran Quang Nghi./.