A corner of the Vietnam-Singapore Industrial Park in Binh Duong province (Photo: VNA) Nguyen Thi Thu Thuy, Deputy Director of the ExportSupport Centre under the Ministry of Industry and Trade's Trade PromotionAgency, noted that there are almost no import restrictions in Singapore.
The market, however, has high requirements for goodsquality, she said, adding that not many Vietnamese agricultural products, foodand consumer goods have been shipped to the island nation.
According to the Asia-Africa Market Department underthe Ministry of Industry and Trade (MoT), Vietnam’s export to Singapore grewstably in 2018-2021, and Singapore remains Vietnam’s fifth biggest tradepartner in ASEAN, and the 15th in the world.
The two-way trade reached 9.1 billion USD last year,up 11.6% from 2021, of which Vietnam’s export was valued at 4.3 billion USD, ayear-on-year rise of 9.4%, the agency said.
Among Vietnam’s export items, high-quality processedproducts made up 67-76%, while mineral materials accounted for 5.5-13%.
Meanwhile, the country mainly imported computers,electronics and spare parts, cosmetics, plastics, machinery and other accessoriesfrom Singapore.
The agency said Singapore that lacks naturalresources would be a promising market for Vietnamese agricultural and aquaticproducts, garments-textiles and processed food.
For investment, as of June 2022, Singapore pouredabout 70 billion USD into some 3,600 projects in Vietnam, making it the secondbiggest investor in the country.
Joint trade and investment projects have manifestedthe close economic links between the two countries, notably the Vietnam-SingaporeIndustrial Parks (VSIP) whose number amount to 12 and investment capital hits17 billion USD, with more than 300,000 jobs created.
Illustrative image (Source: VNA) This strategic delivery centre, the third of itskind of NCS in Asia, is expected to have a team of over 3,000 by 2025.
At a working session with Chief Executive at EnergyMarket Authority (EMA) Shih Chun Ngiam and Singaporean Ambassador Jaya Ratnam,MoIT Deputy Minister Dang Hoang An affirmed that Vietnam stands ready tocooperate and learn from Singapore’s experience energy to boost green energyand sustainable development.
The two sides agreed to step up cooperation activitiesto fulfil commitments made at the 26th United Nations Climate ChangeConference (COP26) in 2021.
The Singaporean side also showed its interest incooperation with Vietnam in clean energy, liquefied natural gas (LNG) andelectricity connectivity in the region.
With 16 FTAs, including new-generation ones like theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)and the Regional Comprehensive Economic Partnership (RCEP), Vietnam would boostits exports to markets in the region and Singapore in particular, experts said.
They suggested businesses increase delegationexchanges, study the market, build brand names and cooperate in thedistribution of new industrial products like electric vehicles, electriccables, construction steel, wood furniture, toys, clothes and footwear, amongothers.
To foster the economic and trade ties, MoIT MinisterNguyen Hong Dien suggested collaboration in digital economy and trade throughSingapore’s transaction platforms, especially those on farm produce.
The ministry will work to bring Vietnameseagricultural and aquatic products, particularly fresh fruits, to Singapore, hepledged./.
VNA
