Accordingly, he authorised the Ministry of Agriculture and Rural Development (MARD) to negotiate and sign a mutual recognition agreement in agriculture and seafood and to work with the Agri-Food and Veterinary Authority of Singapore (AVA) to accelerate exports of Vietnamese agricultural, seafood and food products to the country.
The Ministry of Industry and Trade will develop trade promotion programs for the market and connect domestic exporters with Singaporean importers.
Vietnam and Singapore trade ties have grown more than 12% annually over the last three years. Last year, Vietnam’s exports to Singapore jumped 10.4% to US$2.93 billion while imports skyrocketed 20% to US$6.83 billion.
Every year, Singapore imports 90% of its domestic demand for food and foodstuff.
Major Vietnamese agricultural products shipped to Singapore included vegetables, coffee and pepper, which have increased 19.5% annually in recent years.
Singapore was among top five importers of Vietnamese pepper, ranked third among seafood and rice importers and came sixth in terms of vegetable importers.
Despite recent high growth, Vietnam’s exports of agricultural and seafood products to Singapore are still too below the two countries’ potential.