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VN, RoK enhance textile and apparel cooperation

VGP – At the Korea-Việt Nam Textile and Apparel Forum held on Tuesday, the Việt Nam National Textile and Garment Group (Vinatex) and the Korean Federation of Textile Industries (KOFOTI) signed a memorandum of understanding on bilateral cooperation.

September 09, 2009 3:40 PM GMT+7

The Korea-Việt Nam Textile and Apparel Forum is held in Hà Nội, September 8 - Photo: VGP

The two sides pledged to promote commercial activities and FDI in the textile and apparel sector.

They will share information about fashion, design and technology while jointly organizing more exhibitions and introducing collections.

Acknowledging the increasing importance of copyright protection, the two sides vowed to closely shake hands in this field through holding seminars on copyright and preventing copyright infringement in commercial activities.

According to Vinatex President Lê Quốc Ân, the Republic of Korea is one of the world’s leading exporters of textiles and garments.

Korean textile and apparel enterprises are also great investors. At present, 1,500 Korean enterprises are doing business in Việt Nam, making the Northeast Asian country the second biggest investor here.

Việt Nam is now importing a large volume of cloth and other input materials from Korea. In 2008, the country spent nearly US $1.3 billion to buy materials from Korea while its textile export to this market stood at US $390 million.

The Vietnamese textile and garment sector plans to raise its export turnover to US $10.5 billion by 2010, US $17-18 billion by 2015 and US $22-25 billion by 2020.

By Xuân Hồng