Tuesday, August 4 2020


New impetus for Việt Nam-Singapore trade relations

Update: August, 29/2016 - 15:13
President Trần Đại Quang (second left) was received by the staff of the Vietnamese Embassy in Singapore at the Changi Airport. – VNA/VNS Photo Nhan Sáng
Viet Nam News

HÀ NỘI – President Trần Đại Quang’s visit to Singapore on August 28-30 is expected to give an added impetus to the already thriving trade and investment relations between Việt Nam and Singapore. 

Singapore is currently the largest ASEAN trade partner of Việt Nam with two-way trade turnover almost reaching US$2.5 billion in the first five months of this year, nearly $1.8 billion of which was from Việt Nam’s imports. Bilateral trade is expanding at an average of 12 per cent per year. 

In addition, the island state is the third largest among the 114 foreign investors in Việt Nam with 1,600 valid projects worth nearly $36.3 billion. Singaporean investors operate in most economic sectors in Việt Nam but the bulk of investment is in infrastructure, services and real estate. 

Ho Meng Kit, chief executive officer of Singapore Business Federation (SBF) told Vietnam News Agency he was optimistic about the investment prospects of Singaporean businesses in Việt Nam.

“Not only big corporations, but small companies are also searching for business opportunities in Việt Nam,” he stated.

He said Singaporean businesses’ areas of interest include manufacturing, real estate, high technology and energy, as well as export of agriculture produce and infrastructure services like seaports and transportation.

“Besides this, Việt Nam’s tourism is developing due to its many beautiful beaches and rich and distinctive culture. We think there is plenty of room for co-operation in building resorts, hotels and developing tourism products,” he said.

He said the SBF has been co-operating with the Việt Nam Embassy in Singapore, the Vietnam Chamber of Commerce and Industry and Việt Nam’s localities to implement programmes for investment promotion and business partnerships.

At a meeting in May this year with Singaporean Prime Minister Lee Hsien Long in Hà Nội, Prime Minister Nguyễn Xuân Phúc asked Singapore to facilitate the export of more Vietnamese goods to improve the trade balance between the two countries. 

Experts said to fully exploit the strategic partnership between the two countries so that both sides can benefit, urgent measures are needed to bring into play each side’s strengths. 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 in global production and supply chains. 

The two countries should also upgrade their economic mechanisms to further foster business and investment ties between their firms. – VNS

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