Singapore – potential market for Vietnam: Official

Thang said that Singapore is a transit market of the world with a high level of openness.

With its major income coming from services, Singapore is almost completely dependent on imports of consumer goods, he said, noting that Singapore does not have any tariff and non-tariff restrictions or barriers on imported goods, except for the mandatory regulations on quality standards of international organisations.

According to Thang, Vietnam’s advantages include the capacity of supplying various kinds of goods, close geographical distance to Singapore, and being a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP ) and the Regional Comprehensive Economic Partnership (RCEP) like Singapore.

Vietnam and Singapore are the only two countries in the region to have comprehensive deals with Europe and the UK, he added, holding that this is also an advantage for import-export activities between the two countries.

However, Thang underlined that Vietnam has also faced a number of challenges and difficulties in the market, including fierce competition with other suppliers, and high marketing cost.

He said that over the years, the Vietnam Trade Office has worked hard to support Vietnamese firms to approach the Singaporean market, especially through updating the policies and import-export situation of the country, guiding the companies to grasp export opportunities, and assisting them in introducing their products to Singaporean partners.

Last year, the office held a hybrid trade fair to promote Vietnamese products, he said. After Singapore reopened its door at the beginning of the year, the office collaborated with its partners to organise a conference to provide information on the market and products of Vietnam to nearly 400 Singaporean firms.

In the coming months, the office will continue to support domestic firms to join trade fairs in Singapore and send samples to local firms, while holding online trade conferences and arranging for Singaporean enterprises to visit Vietnam to seek partnership with their Vietnamese peers, said Thang.