Vietnam’s potential in agricultural and aquatic products was introduced at a meeting between Vietnamese and Singaporean businesses recently held by the Vietnamese Embassy in Singapore.

Representatives from International Enterprise Singapore, the Agri-Food and Veterinary Authority of Singapore, the Singapore Business Federation and the Singapore Manufacturing Federation also attended the event.

They informed the Vietnamese side of the Singaporean market’s demands as well as possibility of importing these kinds of products from Vietnam.

The two countries’ businesses agreed on several cooperation agreements and will sign a number of contracts on exporting Vietnam’s rice, fish fillets and vegetables to Singapore in the next months.

According to the Singapore Department of Statistics, in the past three years, Vietnam’s export turnover of agricultural and aquatic products enjoyed an average annual increase of nearly 20 percent, from 279 million SGD (223.2 million USD) in 2011 to nearly 400 million SGD (314.8 million USD) in 2013, accounting for 3.7 percent of Singapore’s total import turnover.

Vietnam is Singapore’s third largest exporter of rice and aquatic products with respective export revenues of nearly 79 million SGD and 92 million SGD in 2013. It is also the eighth biggest purveyor of fruits and vegetables in Singapore with around 42 million SGD in revenue last year.-VNA