Total export turnover of Viet Nam's textile and garment sector to Korea reached US$2.4 billion last year, an increase of 27 per cent compared to 2013.— VNA/VNS Photo Tran Viet

HCM CITY — Vietnamese garment and textile companies are targeting total export turnover of an estimated US$3 billion to South Korea this year, Viet Nam Investment Review reported yesterday.

Total export turnover of Viet Nam's textile and garment sector to Korea reached US$2.4 billion last year, an increase of 27 per cent compared to 2013.

The highest growth was seen in jackets, overcoats, suits and male and female trousers.

South Korea is Viet Nam's fourth-largest textile and garment export market.

The Ministry of Industry and Trade said last year the market share of Viet Nam textile and garment export to Korea reached 16.4 per cent, an increase of 2.1 per cent compared to 2013.

Chinese exports to Korea saw a decrease of 1.59 per cent, while exports to Korea from Myanmar, the US, Australia and Italy increased at varying figures, all below 0.5 per cent, compared to 2013.

This year, Korea's textile and garment import turnover is expected to reach $16.3 billion, an increase of 11.6 per cent over last year.

Tran Viet, head of Viet Nam Textile and Garment Group's market department, said Korea was still a major market for Vietnamese textiles and garments, along with markets such as the US, EU and Japan.

He said that textile and garment export turnover to Korea was 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 last year, only $300 million higher than the Korean market. Export turnover for the EU market was $3.4 billion.

Nguyen Van Thang, production director of Bac Giang Garment Joint-Stock Co in Bac Giang Province, said last year the company's export turnover reached $160 million, of which the Korean market accounted for 40 per cent.

The company plans to give priority to Korea this year and in coming years, he added.

Thai Binh's Dong Phong Ltd. Co said it would raise investment in order to increase exports to Korea this year, as it sees many opportunities there.

Le Tien Truong, deputy chairman of the Viet Nam Textile and Garment Association, said compared to other export sectors, textile and garment businesses had 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 Korea increased from 10,900 in 2013 to 13,100 last year.

In the textile and garment sector, there are more than 100 domestic enterprises and 510 Korean-invested companies. — VNS