The garment and textile sector set an export turnover target of $40 billion this year. Photo: VNA

The signing ceremony took place within the framework of the textile exhibition “Preview in Seoul 2023” held in Seoul from August 23-25, according to VietnamPlus.

Speaking at the ceremony, KOFOTI chairman Choi Byung-oh said that RoK and Vietnam have been reliable partners in textile production, processing, and export for the past 30 years.

With the MoU signing, the Korean side hopes that the strategic partnership in the textile and fashion industries of the two countries will be strengthened, especially on issues of sustainable development, digital transformation, and supply chains.

A KOFOTI official also said Vietnam's high economic growth rate and young people's interest in Korean culture are constantly increasing, adding the MoU is expected to help Korean businesses penetrate deeply into the Vietnamese market.

VITAS President Vu Duc Giang also said that VITAS and KOFOIT will expand the exchanges of information and innovation technology, promote cooperation to take advantage of the free trade agreements and attract investment.

A garment and textile production line at Dony Garment Company Ltd in HCM City. The garment and textile industry will work towards efficient use of resources and waste reduction. Photo: VNA

Statistics from VITAS showed that in the first half of the year, the industry’s export turnover was estimated at US$18.6 billion, down 17.6% over the same period last year. Meanwhile, the import turnover also reduced by 20.5% to $10.7 billion in the first six months of the year, according to Viet Nam News.

VITAS forecasts that production and export of textiles and garments will gradually improve, but difficulties will continue until the end of 2023 as many businesses have not yet had enough orders for the third and fourth quarters.

As such, the garment and textile sector set an export turnover target of $40 billion this year.

According to information from the Mercantile Exchange of Vietnam (MXV), since the end of 2022, cotton prices have been quite stable, mainly struggling within a small range of $1,800 to 1,900 per tonne. The cotton prices traded on the Intercontinental Exchange (ICE) as of July 18 at $1,847 per tonne, down nearly 1.5 times from the price of nearly $2,700 per tonne recorded last August./.

New Partnership Signed to Scale Climate Solutions The World Wide Fund For Nature in Vietnam (WWF-Vietnam) partnered with HSBC and World Resource Institute in a partnership to scale climate solutions for global ...

Vietnam Seeks Opportunities at 67th India International Garment Fair Vietnamese firms are participating in the biggest garment fair in India.

Vietnamese garments-textiles promoted in India Sixteen Vietnamese firms are participating in the 67th India International Garment Fair (IIGF), the biggest of its kind in the South Asian country.