Singapore (VNA) – Vibrant economic diplomatic activities in 2024 have contributed to creating a firm foundation for Vietnam and Singapore to upgrade their relations to a comprehensive strategic partnership level, according to Cao Xuan Thang, Trade Counsellor and head of the Vietnam Trade Office in Singapore.
In an interview granted to the Vietnam News Agency, Thang highlighted that the embassy has held diverse activities in 2024, ranging from regularly updating Vietnamese businesses on policies and mechanisms of Singapore, arranging visits to Vietnam for Singaporean partners, to organising promotion conferences and showcasing Vietnam's products at events and trade fairs in Singapore.
These efforts have helped Singaporean business community get up-to-date information about the business environment in Vietnam and connect businesses of the two countries, thereby contributing to attracting more Singaporean investments to Vietnam and bolstering the growth of Vietnam's import-export turnover.
In the first half of 2024, Vietnam surpassed India and Thailand to become the largest rice exporter to Singapore for the first time, capturing nearly 33% of the market share. Vietnam also overtook Japan for the first time to become the fifth-largest exporter of aquatic products to the island state, with a market share of around 9.22%.
According to Thang, Vietnam's exports to Singapore surged 32.11% year-on-year, the highest growth rate among countries exporting to this island state.
If only trade in goods originating from Singapore and Vietnam is considered, Vietnam records a trade surplus of approximately 1.5 billion SGD (around 1.1 billion USD), Thang stated, adding that this shows that Vietnamese goods are gaining popularity among Singaporean consumers. He said those achievements are not solely the result of activities in 2024, but rather the culmination of years of trade promotion efforts.
However, the official noted that there is still significant potential for bilateral cooperation in industrial, trade, and service investments, considering that Vietnam is a manufacturing hub for many products, while Singapore serves as the "trade centre" of the region and the world. The two countries have close geographic proximity, and they both are members of several free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP). They are also the only two nations in the region to have comprehensive agreements with Europe and the UK.
The trade office in Singapore will continue to update information on the host country’s situation, mechanisms, and policies; assist delegations from Singapore in visiting Vietnam to seek supply partners and investment opportunities; and support Vietnamese businesses in connecting with foreign partners through diverse activities.
Thang proposed Vietnam focus on promoting export of several key products, such as those of the manufacturing, processing and supporting industries, which currently represent the largest share of Vietnam's trade with Singapore; along with agri-forestry-fishery products, environmentally friendly products, and Halal products.
Vietnam also needs to focus on expanding markets for its new products, while simultaneously boosting exports through cross-border e-commerce channels, he added./.
