New impetus for Vietnam-Singapore trade relations
President Tran Dai Quang’s visit to Singapore from August 28-30 is expected to give an added impetus to the already thriving trade and investment relations between Vietnam and Singapore.
Fish processing for exports (Illustrative image. Source: VNA)Singapore is currently the largest ASEAN trade partner of Vietnam with two-way trade turnover almost reaching 2.5 billion USD in the first five months of this year, nearly 1.8 billion USD of which was Vietnam’s imports. Bilateral trade is expanding at an average 12 percent a year.
At the same time, the island state is the third largest among 114 foreign investors in Vietnam with 1,600 valid projects worth nearly 36.3 billion USD. Singaporean investors operate in most economic sectors in Vietnam but the bulk of investment is in infrastructure, services and real estate.
Industry insiders said most Singaporean investment projects are operating effectively, with the Vietnam-Singapore Industrial Park (VSIP) joint venture as a typical example.
At a meeting in May this year with Singaporean Prime Minister Lee Hsien Long in Hanoi, Prime Minister Nguyen Xuan Phuc asked Singapore to facilitate the export of more Vietnamese goods to improve the trade balance between the two countries.
Experts said in order to fully exploit the strategic partnership between the two countries to benefit both sides, urgent measures are needed to bring into play the strength of each side. As Singapore has advantages in terms of capital, development research, technology and market, the two sides should create a suitable mechanism to encourage Singaporean firms to support Vietnamese partners in participating further into global production and supply chains.
The two countries should also upgrade their economic mechanisms to further foster business and investment ties between their firms.-VNA
You should also see
InfographicVietnam tops Asia-Pacific in workplace wellness
Workplace well-being is on an "upward trajectory" throughout Asia-Pacific, with Vietnam leading the region (65.09), according to a recent study by Asia's largest mental health care company Intellect.
See more
Business
Phu Yen, Ninh Thuan attractive to energy project developers
The south-central coastal provinces of Phu Yen and Ninh Thuan have become attractive destinations for investors operating in the energy industry thanks to great potential for renewable energy development.
Business
Petrovietnam posts 9-billion-USD revenue in Q1
The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of 231 trillion VND (9 billion USD) from production and business activities in the first quarter of 2024, exceeding the set quarterly plan by 33% and up 19% year-on-year, head a conference held by the group recently.
Business
Forum seeks to increase PPP investment effectiveness
Investment cooperation in the public-private partnership (PPP) form is seen as a strategic option to mobilise private investment and improve public service delivery. However, the implementation of PPP projects in Vietnam still faces a lot of difficulties and obstacles, leading to a low number of successful projects and making the private economic sector cautious.
Business
Remittance inflows expected to quench real estate sector’s thirst for capital: Experts
Amid a “thirst” for capital of real estate businesses, the strong inflow of remittances is expected to heat up the market again, held insiders.
Business
Dong Nai province ready to ride Japanese investment wave
The southern province of Dong Nai stands ready to prepare the best conditions to welcome investors, especially those from Japan, Secretary of the provincial Party Committee Nguyen Hong Linh said on April 24.
