Vietnam and Singapore should further optimise free trade agreements (FTAs) in which both sides are members such as the CPTPP and RCEP to strengthen partnership among businesses of both countries, Minister of Industry and Trade Nguyen Hong Dien has proposed.
At a recent online working session with Singaporean Second Minister for Trade and Industry Tan See Leng, Dien suggested that Vietnam and Singapore, the only two countries in the region joining comprehensive agreements with the European Union and the United King, should support each other in further exploiting the markets.
According to the Ministry of Industry and Trade, trade between Vietnam and Singapore has been growing. Singapore is currently Vietnam's fifth largest trading partner in ASEAN and the third biggest foreign investors in Vietnam with US$62.55 billion in 2,769 projects.
At the working session, the two ministers hoped that Vietnam and Singapore will continue to foster cooperation in many areas to further promote their economic and trade relations, contributing to strengthening the strategic partnership between the two countries.
Along with the exploitation of the FTAs, both sides should encourage businesses to collaborate in the areas of electronics, telecommunications, furniture and agro-fisheries processing to increase exports in member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), they agreed.
The two ministers also concurred to continue working hard towards the signing of a memorandum of understanding on economic and trade cooperation between the two ministries.