Vietnamese exports to Thailand, Singapore surge in two-month period
VOV.VN - Vietnam recorded a high export turnover from Thailand and Singapore during the first two months of the year, according to details given by the General Department of Customs.
Throughout the reviewed period, despite the total bilateral trade turnover dropping slightly by 6%, mainly due to a decrease in import turnover from the Thai market, Vietnamese exports to Thailand reached US$1.2 billion, up 12.4% over the same period from last year.
Furthermore, two-way trade turnover between Vietnam and Singapore increased, with the total import and export turnover between the two countries hitting US$1.49 billion, up 16.5% on-year.
Of the figure, Vietnamese export turnover to the island city state reached US$677.7 million, a year-on-year rise of 8.8%.
In general, the country’s overall export turnover to ASEAN stood at US$4.96 billion, accounting for about 10% of the nation’s total export turnover.
Thailand and Singapore represent the country’s two key markets in the ASEAN region, with the bloc being the nation’s fourth largest export market.
In trade relations with the ASEAN market area the country boasts plenty of advantages such as close geographical distance, as well as similar tastes and cultures.
In ASEAN there is the Agreement on Trade in Goods (ATIGA), whilst Vietnam and a number of ASEAN member states have bilateral agreements which aims to facilitate trade.
According to details given by the Ministry of Industry and Trade, the country has many opportunities to expand the export of agricultural products and food to the bloc. However, most agricultural products and foodstuffs imported into ASEAN member states require Halal certifications which is also considered to be the new standard of quality and hygiene.
In line with this, domestic enterprises should actively participate in trade promotion activities, seek partners, and expand exports to ASEAN, the Ministry of Industry and Trade also recommends that they pay close attention to trade remedies in regional countries.
Regarding activities to promote exports to the bloc, Vu Ba Phu, director of the Trade Promotion Department under the Ministry of Industry and Trade, said that the Department will continue to co-ordinate efforts with localities and industry associations in a bid to strengthen trade promotion activities in the time ahead.
The Ministry of Industry and Trade is also continuing to closely monitor developments in the global market, thereby advising and proposing co-operation frameworks and solutions to simultaneously develop traditional markets and diversify export markets. In addition, it will also continue to help businesses take advantage of signed free trade agreements (FTAs) to effectively exploit markets and further boost exports, Phu added.