Illustrative photo (Source: VNA) As reported by the Cong Thuong (Industry and Trade)newspaper, the office will help Vietnamese businesses access the market, popularising their products there.
Singapore is currently Vietnam’s fifth biggest trade partnerin ASEAN, with bilateral trade hitting 9.1 billion USD last year, up 11.6%annually. In the first two months of 2023, the trade turnover surpassed 1.03billion SGD (770.86 million USD).
The Ministry of Industry and Trade said the two countries are not too far away geographically, but the number of Vietnamese farm produce, food and consumerproducts entering the island nation remains modest. Given its increasing importancein many regional economic links via joining 16 free trade agreements, thecountry has secured a good basis to boost exports to markets in the region,including Singapore.
Singapore is a demanding market particularly concerningagro-fishery products.
The trade office said placing foreign goods on shelves inthe market is painstaking and costly, recommending Vietnamese firms sustainthe quality of their products in line with Singapore’s requirements.
Singaporean enterprises are in favour of working directlywith partners, notably producers, rather than with immediate organisations, itsaid.
The office noted that it has recently received a requestfrom the Singapore Food Agency for contact with Vietnam’s major fruit, vegetables,animal husbandry, and egg companies in preparation for its sending of a delegationfor business networking and investment promotion in these sectors./.
VNA
