Illustrative image (Photo: VNA) Hanoi (VNA) - The Republic of Korea’s fashion firms based in Vietnam are expected to benefit from the free trade agreement between the Southeast Asian country and the European Union (EVFTA), which came into effect this month.
Under the agreement, clothes producers based in Vietnam can enjoy the benefit of the latest free trade agreement for goods made with materials of the RoK, the Korea International Trade Association (KITA) said in its report.
The RoK implemented its own FTA with the EU in 2015.
Vietnam's imports of the RoK’s materials to produce clothes reached 1.7 billion USD in 2019, accounting for 11.5 percent of the total.
KITA said exports of the RoK’s materials to the Vietnam may also increase down the road on the back of the EVFTA.
According to the association, the EVFTA is expected to increase demand for Vietnamese clothes in Europe as well.
Vietnam was the third-largest export destination for the RoK - Asia's No. 4 economy - in 2019./.
VNA
