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According to Yonhap News,
(DAEGU=Yonhap News) Daegu and Gyeongbuk's textile and fashion industry is looking to Vietnam as the "post-China" market.
According to the Daegu Gyeongbuk Fashion Business Cooperative on July 16, regional companies will take part in the Vietnam Textile Fair (VTG) that will take place November 21 to 24 at the Saigon Exhibition Convention Center.
The VTG, jointly hosted by the Ministry of Industry and Trade of Vietnam, the Chinese Chamber of Commerce in Guangdong and the Hong Kong Association of Apparel Machinery, has over 40% on-site orders with mostly garment and textile buyers.
Vietnam was traditionally known as a production site due to its low labor costs, but the rise of the country's younger generation coupled with economic growth have made Vietnam a significant global market.
According to the Daegu Gyeongbuk Fashion Business Cooperative, VGT will be a good opportunity for the region's companies seeking alternative markets to access due to the sluggish Chinese market last year.
The cooperative is recruiting companies to participate in the VGT and will provide support for booth expenses, logistics and interpretation.
A cooperative representative stated, "China's exports of finished fashion products are decreasing, and Original Design Manufacturing (ODM) is on the rise. This means a growing number of sample sales that carry design outflow risk. This is why we need to establish a new market in Vietnam."
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** This article was translated from Korean.
Source: Yonhap News (July 16, 2018)