Vietnam’s garment and textile exports to South Korea recorded an impressive increase during the January to July period in the current year.
The country exported apparels and textiles worth US $ 1.5 billion to South Korea in the first 7 months of 2018, which is a significant y-o-y surge of 24.8 per cent.
July alone witnessed an apparel and textile export increase of US $ 270.7 million to South Korea, which is a significant increase of 24.1 per cent from the earnings made in June.
The rise was 24 per cent from what it was in July 2017.
In 2015, China’s share in South Korean apparel market was astounding 40.1 per cent whereas Vietnam’s share was 29.5 per cent. However, today the gap has been reduced considerably.
At the end of July 2018, China accounts a market share of 34.4 per cent in South Korean market whereas Vietnam runs very close at 32.6 per cent.
Notably in 2017, South Korea became Vietnam’s fourth largest garment exporter when the former clocked US $ 2.7 billion.
The tax benefits from the Vietnam-South Korea FTA have further created a favourable environment for Vietnam to enter the market of South Korea.