On August 24, the Korea Federation of Textile and Apparel Industries (KOFOTI) announced that it had signed a Memorandum of Understanding (MOU) with the Vietnam Textile and Apparel Association (VITAS) to promote cooperation between the textile and garment industries of the two countries.
According to a VNA correspondent in Korea, the signing ceremony between the two organizations took place within the framework of the "Preview in Seoul (PIS) 2023" textile exhibition in Seoul. The signing ceremony was attended by Mr. Choi Byung-oh, Chairman of Hyungji Fashion Group and Chairman of KOFOTI and Mr. Vu Duc Giang, Chairman of VITAS.
At the signing ceremony, the Chairman of KOFOTI emphasized that Korea and Vietnam have been reliable partners in textile production, processing and export for the past 30 years. With the signing of this MOU, the Korean side hopes that the strategic partnership in the textile and fashion industry between the two countries will be further strengthened, especially in the areas of sustainable development, digital transformation and supply chain.
A KOFOTI official also said: "Vietnam holds the No. 1 position in foreign investment in the textile sector of Korean enterprises and is a key country in trading our textile and fashion products.
Vietnam's high economic growth rate and the young people's interest in Korean culture are constantly increasing, so it is expected that this Memorandum of Understanding will help Korean enterprises penetrate deeper into the Vietnamese domestic market as well as the investment environment in the future will continue to improve."
VITAS Chairman Vu Duc Giang also said: "With this MOU, we can not only expand the exchange of industrial information between KOFOTI and VITAS, but also exchange information and innovative technology with Korean textile companies in Vietnam, cooperate to take advantage of FTAs and attract investment."
According to VNA/Vietnam+
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