Viet­nam’s RMG sec­tor eyes big­ger share in South Korean mar­ket In 2018, Viet­nam ex­pects 20% surge in gar­ment ex­ports to South Korea.

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Af­ter reg­is­ter­ing a stag­ger­ing surge of around 25 per­cent to US $ 1.55 mil­lion in ready­made gar­ment ex­ports to South Korea in the first seven months of the cur­rent year, Viet­nam eyes on fur­ther in­creas­ing its ship­ments to the coun­try by the end of the year to garner over­all ex­port growth. (The fig­ures were re­port­edly re­leased by viet­nam’s Gen­eral De­part­ment of Cus­toms).

No­tably, gar­ment ex­ports from Viet­nam to South Korea stood at US $ 270.7 mil­lion in the month of July 2018, mark­ing a surge of 24.18 per­cent against June 2018 and a 24.06 per­cent in­crease over the same month of 2017.

The Gen­eral De­part­ment of Cus­toms has also re­port­edly claimed that South Korea re­mained the fourth-big­gest ex­port des­ti­na­tion to Viet­nam at US $ 2.7 bil­lion in 2017.

It’s per­ti­nent to add here that Viet­nam (32.67 per­cent) is only sec­ond to China (34.46 per­cent) in terms of gar­ment ex­ports to South Korea.

Markedly, Viet­nam-south Korea free-trade agree­ment (FTA) has fur­ther bol­stered ex­ports to the coun­try. Un­der the FTA, 24 prod­ucts from Viet­nam, in­clud­ing gar­ments, ben­e­fit from lower tax rates as com­pared to other coun­tries in the ASEAN (As­so­ci­a­tion of South­east Asian Na­tions) re­gion.

Viet­nam now ex­pects tex­tile and gar­ment ex­ports to South Korea, to in­crease by 20 per­cent year-on-year in the time to come. For 2018, ex­ports are ex­pected to in­crease by 22 per cent year-on-year to US $ 3.2 bil­lion.

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