The Vietnam Textile and Apparel Association (VITAS) and the Korea Federation of Textile Industries (KOFOTI) have signed a memorandum of understanding (MoU) to strengthen bilateral cooperation, KOFOTI announced on August 24.

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

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 the 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.

Source: Nhân Dân

• EU to ban products made with forced labour - a progressive tool against modern slavery
• VN needs drastic reforms to create firm ground for economic growth: experts
• Enterprises want clearer regulations on seafood production
• Foreign businesses increasingly seek export sources in Vietnam
• Sailing through storms: The fallout of Red Sea disruptions for global trade and inflation