HANOI, June 12 — Singapore is the third largest trade partner of Vietnam in the Association of Southeast Asian Nation (Asean) bloc and its sixth biggest global partner, Vietnam News Agency (VNA) reported.
Two-way trade between Vietnam and Singapore was estimated at US$3.3 billion (RM10.6 billion) in the first four months of 2014 — a year-on-year increase of 21.2 per cent.
Last year, bilateral trade hit US$8.4 billion, with Vietnam mainly exporting crude oil, computers, electronics and spare parts and agro-forestry and aquatic products.
Vietnam's primary imports from the market are petroleum, computers, electronics and components, machinery, equipment and chemical products.
There is huge potential for Vietnamese rice exporters to enter the Singaporean market — the trading centre within the bloc which enables the shipment of rice to Indonesia, the Philippines and African countries.
During Singaporean Prime Minister Lee Hsien Loong's visit to Vietnam last year, both countries agreed to boost economic cooperation, which has become a cornerstone in their bilateral relationship.
Lee has noted Vietnam's proposals to make it easier for Vietnamese exporters of agriculture, forestry and fishery products as well as garments and textiles to make inroads into the Singaporean market.
Deputy Minister of Industry and Trade Tran Tuan Anh said to boost agro-forestry-fishery exports, his ministry had exerted every effort to remove trade and technical barriers during negotiation process of the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP). — Bernama
