Vietnamese garment and textile companies are targeting a total export turnover of an estimated 3 billion USD to the Republic of Korea this year, Vietnam Investment Review reported.
The total export turnover of Vietnam's textile and garment sector to the RoK reached 2.4 billion USD last year, an increase of 27 percent compared to 2013.
The highest growth was seen in jackets, overcoats, suits and male and female trousers.
The Republic of Korea is Vietnam's fourth-largest textile and garment export market.
The Ministry of Industry and Trade said last year the market share of Vietnam textile and garment export to the RoK reached 16.4 percent, an increase of 2.1 percent compared to 2013.
This year, the RoK's textile and garment import turnover is expected to reach 16.3 billion USD, an increase of 11.6 percent over last year.
Tran Viet, head of the Vietnam Textile and Garment Group's market department, said the RoK is still a major market for Vietnamese textiles and garments, along with markets such as the US, the EU and Japan.
He said that textile and garment export turnover to the RoK is expected to keep pace with exports to Japan and to narrow the gap with exports to the EU.
Viet pointed out that textile and garment exports to Japan reached 2.7 billion USD last year, only 300 million USD higher than the Korean market. Export turnover for the EU market was 3.4 billion USD.
Nguyen Van Thang, Production Director of the Bac Giang Garment Joint-Stock Co in Bac Giang province, said last year the company's export turnover reached 160 million USD, of which the RoK market accounted for 40 percent.
The company plans to give priority to the RoK this year and in coming years, he added.
Thai Binh's Dong Phong Ltd. Co said it will raise investment in order to increase exports to the RoK this year, as it sees many opportunities there.
Le Tien Truong, Vice Chairman of the Vietnam Textile and Garment Association, said compared to other export sectors, textile and garment businesses have made adequate preparations ahead of upcoming foreign trade agreements.
According to the General Customs Office, the number of Vietnamese businesses with import/export activities with the RoK increased from 10,900 in 2013 to 13,100 last year.
