Representatives of Vietnamese and Singaporean businesses share opportunities for trade connection at the Vietnam - Singapore Sustainable Trade & Innovation Forum - Photo: Organizing Committee
On August 1, the Vietnam - Singapore Sustainable Trade & Innovation Forum (STIF 2025) opened at the Singapore Manufacturing Federation (SMF) Office, marking the beginning of a new phase of cooperation in bilateral economic development.
Vietnamese Ambassador to Singapore Tran Phuoc Anh said the forum has special significance for the bilateral relationship between Vietnam and Singapore. Today is also the anniversary of the official establishment of diplomatic relations between Vietnam and Singapore, August 1, 1973.
Singapore is currently the second largest foreign investor in Vietnam, with more than 4,000 projects and a total investment capital of over 86 billion USD. In terms of trade, bilateral trade turnover last year reached 23.5 billion USD. The two sides are working closely to reach the target of 30 billion USD by 2028.
Another impressive figure is the network of 18 Vietnam-Singapore Industrial Parks (VSIPs) that continues to grow. This number is expected to increase to 22 VSIPs in the near future as many projects have been licensed and are being implemented.
At the event, Vietnamese enterprises also launched the B2B e-commerce platform Vietnamsgp.arobid.com to promote bilateral trade and innovation-based growth. The platform is expected to realize the vision of creating a comprehensive digital ecosystem, supporting Vietnamese and Singaporean enterprises to promote B2B trade globally.
Sharing at the forum, Mr. Lennon Tan - Chairman of the Singapore Manufacturing Federation (SMF) - said that Singaporean enterprises have long pursued the "Singapore 1" strategy, meaning that in addition to Singapore, they always need another strategic partner or location.
According to Mr. Tan, Vietnam has an abundant and talented workforce that Singapore admires, especially in the manufacturing sector. Therefore, it is completely natural that Singaporean businesses choose Vietnam as a destination for investment, production and business development.
Speaking more about the new platform, Mr. Tan said that businesses participating in this platform will have a basis to believe that they are dealing with reliable partners and can do business with peace of mind.
"In particular, when the platform has a supplier evaluation system, a clear post-audit and payment mechanism, it helps ensure that goods are delivered correctly and sellers are paid in full," Mr. Tan introduced.
Many Vietnamese products are popular in Singapore
Singapore is known as a strategic trade center of the region and the world , not only importing for domestic consumption but also playing an intermediary role in the global supply chain.
Mr. Cao Xuan Thang - Vietnamese Trade Counselor in Singapore - said that of the total 400 - 500 billion Singapore dollars (SGD) worth of imported goods each year, about 60% are re-exported to third countries.
However, the import turnover from Vietnam currently only reaches about 8 - 9 billion SGD/year, accounting for a very small proportion. This shows that there is still a lot of room for Vietnam to expand exports to the Singapore market.
Currently, in addition to industrial products such as electronic components and machinery, Singapore also imports many agricultural products and foods, especially rice and seafood. Of which, Vietnamese rice is highly appreciated for its quality and higher price compared to other sources.
However, due to limited trade promotion activities of Vietnamese enterprises in Singapore, most Vietnamese rice is consumed under the brand of Singaporean importers.
Vietnamese seafood is also very popular in Singapore because it suits the diverse tastes of the multi-ethnic community.
According to Mr. Thang, Singapore is a market with high quality standards and fierce price competition. All imported food shipments are thoroughly inspected, sampled and evaluated before being allowed to circulate.
Therefore, if successful here, the ability to expand to other international markets will be more favorable.
Source: https://tuoitre.vn/ra-mat-nen-tang-thuong-mai-dien-tu-cho-doanh-nghiep-viet-nam-va-singapore-2025080119070129.htm
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