The Republic of Korea’s garment makers are shifting their investment strategies from China to Vietnam thanks to its cheap labour cost, skilled workers and diverse investment promotion policies, according to the Korea Trade and Investment Promotion Agency (KOTRA).
In its latest report, KOTRA looked into the business environment of the country’s garment industry and forecast that there would be big changes in the industry after Vietnam joined the World Trade Organisation.
The report quoted Seong Ki Hak, president of the Youngone garment corporation, as saying the corporation, which has many garment factories in China and Bangladesh will expand its factory in the northern Vietnamese province of Nam DInh to turn it into a large scale sportwear production base in the region.
According to the report, in 2006 Korean garment makers’ investment in China dropped by 10 percent in China, but increased by 53.7 percent in Vietnam.
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