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Singapore: Vietnam’s major trade and investment partner

VIETRADE -  Over past years, Singapore has retained its position as Vietnam’s one of the largest trade and investment partner in Asia, especially in Southeast Asia.


Statistics showed out that bilateral trade reached US$5 billion in the past seven months of this year, up by 16.4% over the same period last year.


Of the total, Vietnam exported US$1.7 billion worth of goods to Singapore in the period, a year-on-year rise of 28.9% while its imports from the country topped US$3.3 billion, a yearly increase of 10.6%.


In terms of investment, the island state has to date invested more than US$41.7 billion into 1,944 investment projects, ranking third among the 128 countries and territories investing in Vietnam, just after the Republic of Korea and Japan.


In 10 months of this year alone, Singapore had US$4.59 billion of registered capital in Vietnam, making up 16.3% of the country’s total foreign direct investment (FDI). Of which, US$3.14 billion into 154 newly registered capital and over US$833.4 million of additional registered capital and US$416 million in share capital.


Meanwhile, Vietnamese businesses have 93 investment projects in Singapore with a total capital of $235 million. This made it twelfth out of 72 foreign countries and territories with Vietnamese investment. These projects were mainly involved in oil and gas, mining, retail, services, information technology, and logistics.


During a recent meeting in the capital, Minister of Planning and Investment Nguyen Chi Dung said Singaporean investors have made effective contribution to Vietnam’s wide range of sectors such as education, information, transport, banking and tourism.


One of the highlights of Singapore’s FDI in Vietnam is the Vietnam-Singapore Industrial Park (VSIP), invested by VSIP Group. So far, the group has invested in eight projects in Vietnam, including three in the southern province of Binh Duong, three in the northern provinces of Bac Ninh, Hai Phong and Hai Duong, and two in the central provinces of Quang Ngai and Nghe An.


He added Vietnam has increasingly active in improving the national investment and business environment and boosting confidence for the Singapore business community.


Despite these positive results, the co-operation between Vietnam and Singapore still has room to develop in the time to come, according to trade experts.


In order to enhance the ties between the two countries, urgent measures are needed to bring into play the strength of each side, experts said.


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, they noted.

The two countries should also upgrade their economic mechanisms to better facilitate business and investment ties between their firms and create the most favorable conditions for them to invest in each other's market.

For Vietnamese firms, in order to foster exports to the Singaporean market, they need to sharpen competitiveness of their products to compete with goods from other countries.


Top priority should be given to improving the quality of their products, diversifying products’ design, bettering after-sales services and drawing up effective business strategies, they noted.

Meanwhile, Tran Thanh Hai, Deputy Director General of the Import-Export Department under the Ministry of Industry and Trade, encouraged Vietnamese enterprises to learn from Singapore firms’ experiences in agriculture processing and packaging as well as their experiences in marketing their products./.

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