Singapore – potential market for Viet Nam: Official

Monday, Oct 24, 2022 08:41

Vietnamese products are available at many big supermarkets in Singapore. — Photo

Singapore is a promising market where Vietnamese products see both advantages and difficulties, Cao Xuan Thang from the Vietnam Trade Office in Singapore said in an interview granted to Vietnam News Agency.

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, Viet Nam’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.

Viet Nam 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 Viet Nam has also faced a number of challenges and difficulties in the market, including fierce competition with other suppliers, and high marketing costs.

He said that over the years, the Viet Nam 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 doors 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 Viet Nam to nearly 400 Singaporean firms. — VNS

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