Vietnam, Singapore speed up agro-aqua product trading
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%, from SGD279 million (US$223.2 million) in 2011 to nearly SGD400 million (US$314.8 million) in 2013, accounting for 3.7% of Singapore’s total import turnover.
Vietnam is Singapore’s third largest exporter of rice and aquatic products with respective export revenues of nearly SGD79 million and SGD92 million in 2013. It is also the eighth biggest purveyor of fruits and vegetables in Singapore with around SGD42 million in revenue last year.