09:31 | 15/08/2014 Cooperation
(VEN) - In the first six months of this year, bilateral trade turnover between Singapore and Vietnam recorded growth of nearly 24 percent. Given this, Singapore held its position as Vietnam’s leading trade partner in ASEAN.
Agricultural products will help Vietnam narrow trade deficit with Singapore
According to the Singapore Department of Statistics (DOS), total bilateral trade turnover between Singapore and Vietnam in the first six months of this year reached US$8.08 billion, an increase of 23.9 percent compared to the same period in 2013. Vietnam’s export turnover to this market reached about US$1.57 billion, an increase of 34.2 percent compared to the same period last year while import turnover stood at US$6.51 billion, an increase of 21.7 percent compared to the same period last year.
In the first six months of this year, Vietnam mainly exported mobile phones and components, petroleum and petroleum products, reactors, boilers, machinery and equipment, glass products; and coffee and tea with a total value of US$538.5 million, US$186.3 million, US$172 million, US$92 million and US$87.2 million, respectively, while it imported mobile phones and components, petroleum and its products and plastic and its products from Singapore with a total value of US$1.78 billion, US$1.61 billion and US$391.5 million, respectively.
In terms of the balance of trade, Vietnam achieved a trade deficit compared to Singapore in the first half of this year. International Enterprise (IE) Singapore Director Edlyn Khoo said that a number of Singaporean products were used to create higher added value for Vietnam’s exports. In particular, the Singaporean-Vietnamese relationship brings not only financial benefits for enterprises but also mutual benefits for the two economies.
Trade cooperation potential between the two countries will further increase in the coming time as the Vietnamese economy is on the rise and demands for high-quality products and services are increasing.
According to economists, agricultural products, seafood, and garments and textiles would help Vietnam narrow the current trade balance with Singapore. On an assignment to Singapore headed by Deputy Minister of Industry and Trade Tran Tuan Anh, the ministry made great efforts to find distribution channels for Vietnam’s agricultural products. Minister Anh said that the Singaporean market had great potential for Vietnamese rice and Vietnam should take advantage of its opportunity to promote rice exports.
Singapore is also a gateway to export rice to the Indonesian islands, the Philippines and some African countries. Therefore, Vietnamese rice is expected to create a breakthrough for exports in the coming time./.
In the first six months of this year, Singaporean investors continued to pour money into Vietnam with total registered and additional capital of about US$732 million. By the end of June Singapore had 1,284 valid investment projects with total registered capital of more than US$30.54 billion. Singapore ranked third among 101 countries and territories investing in Vietnam.
By Hoa Le