Office plans support for firms to access Singaporean market

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 partner in ASEAN, with bilateral trade hitting US$9.1 billion last year, up 11.6% annually. In the first two months of 2023, the trade turnover surpassed SGD1.03 billion (US$770.86 million).

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 consumer products entering the island nation remains modest. Given its increasing importance in many regional economic links via joining 16 free trade agreements, the country has secured a good basis to boost exports to markets in the region, including Singapore.

Singapore is a demanding market particularly concerning agro-fishery products. The trade office said placing foreign goods on shelves in the market is painstaking and costly, recommending Vietnamese firms sustain the quality of their products in line with Singapore’s requirements.

Singaporean enterprises are in favour of working directly with partners, notably producers, rather than with immediate organisations, it said.

The office noted that it has recently received a request from the Singapore Food Agency for contact with Vietnam’s major fruit, vegetables, animal husbandry, and egg companies in preparation for its sending of a delegation for business networking and investment promotion in these sectors.