The Vietnam Trade Office in Singapore is an 'extended arm' of Vietnamese enterprises to bring goods to the market as well as cooperate in investment with enterprises in other countries.
Functions and tasks of the Vietnam Trade Office in Singapore
The Vietnam Trade Office in Singapore is a specialized agency under the Ministry of Industry and Trade and is a part of the organizational structure of the Representative Office of the Socialist Republic of Vietnam abroad.
The Trade Office has the function of representing and protecting the interests of Vietnam, Vietnamese enterprises and individuals in economic-commercial relations, industry, industrial investment development, trade services of countries, territories, and international organizations; supporting Vietnam's trade promotion activities in the Singapore market.
The Vietnam Trade Office in Singapore was established and started operating in 1973.
Opportunity to expand trade
After more than 50 years of establishing diplomatic relations (1973-2024), especially more than 10 years of the Vietnam - Singapore Strategic Partnership (2013-2024), the relationship between Vietnam and Singapore continues to develop strongly in both breadth and depth; in which, economic and trade cooperation is always a bright spot in the relationship between the two countries.
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| Ribbon cutting ceremony to open the Vietnam Pavilion at Seafood Expo Asia 2024 on September 4, 2024 at MBS Singapore. Photo: Moit |
Furthermore, Vietnam and Singapore are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP). Both sides have been promoting FTAs to enhance cooperation and contribute to the economic development of each country as well as the region.
Since 1996, Singapore has always been one of Vietnam's largest partners. Trade turnover between the two countries has increased every year.
Direct investment from Singapore to Vietnam has been increasing continuously since 1998. The Vietnam-Singapore Industrial Park (VSIP) has become a symbol of Vietnam-Singapore relations and is being expanded towards a green, high-tech, and innovative industrial park.
In addition, Vietnam and Singapore are both members with important voices in ASEAN at multilateral forums as well as in the international arena.
Furthermore, Vietnam and Singapore have closely coordinated with each other at multilateral organizations and forums such as the United Nations, ASEAN, the Asia-Pacific Economic Cooperation (APEC), the Asia-Europe Meeting (ASEM), the World Trade Organization (WTO) and on regional and international issues of mutual concern.
Mr. Cao Xuan Thang, Commercial Counselor, Head of the Vietnam Trade Office in Singapore, said that Singapore is a relatively small consumer market but is home to many multinational companies and is a major information, trade, financial, and logistics center in the region and the world. Not only that, Singapore is also a major international air transit center, a very important gateway to Asia in general and Southeast Asia in particular; including Vietnam.
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| Promoting Vietnamese products in the Singapore market is one of the important tasks of the deal. Photo: Moit |
Statistics from the Singapore Enterprise Authority show that after 11 months of 2024, Vietnam remained Singapore's 11th largest trading partner, with two-way trade turnover of more than SGD 28.6 billion, up 8.53%. Vietnam was Singapore's 18th largest import market with a turnover of nearly SGD 7.8 billion (up 32.11%).
In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased by 16.61%, reaching more than 520.2 million SGD; goods from countries 3 through Singapore exported to Vietnam (accounting for 71% of export turnover) decreased by 3.95%, reaching more than 1.29 billion SGD. If only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam had a trade surplus of more than 196.9 million SGD.
In the first 11 months of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 28.6 billion SGD, an increase of 8.53% over the same period in 2023, of which exports increased sharply by 32.11%, reaching nearly 7.8 billion SGD and imports were more than 20.8 billion SGD, an increase of 1.72%.
In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 69.74% of the total export turnover from Singapore to Vietnam, equivalent to 14.5 billion SGD. If we only count goods originating from Singapore, Vietnam has a trade surplus of about 1.5 billion SGD.
Regarding the export commodity groups from Vietnam to Singapore, in November 2024, all three main export commodity groups of Vietnam to Singapore continued to increase very strongly, even dramatically, specifically: Machinery, equipment, mobile phones, components and spare parts of all kinds (up 52.57%); reactors, boilers, machine tools and equipment and spare parts of the above types of machines (up 95.93%); glass and glass products (up 77.98%). Some other export commodity groups also had very strong growth such as: Toys, game equipment, sports equipment and tools (up more than 138%); aluminum and aluminum products (up more than 89.79%)...
Regarding the import groups from Singapore to Vietnam, November showed a strong growth of 2/3 of the main import groups, which were reactors, boilers, machine tools and spare parts of the above machines (up 36.54%) and petroleum and petroleum products (up 58.1%). Some other groups continued to increase dramatically, such as: Lead and products made of lead (up 59 times), alcohol and beverages (up 1.1 times)...
According to Mr. Cao Xuan Thang, export turnover from Vietnam to Singapore in November 2024 continued its positive growth trend (up 31.32%), thereby maintaining the growth rate for the first 11 months of 2024 at 32.11% over the same period in 2023.
Vietnam is currently the country with the largest export growth rate to Singapore (32.11%); followed by Taiwan (China) with 26.7% and India (23.86%).
In 2025, it is forecasted that the global and regional economies will continue to face many new difficulties and challenges. The Trade Office will continue to update the situation, mechanisms and policies of the locality; support Vietnamese enterprises in connecting trade, displaying goods, promoting business brands and product brands, increasing the presence of Vietnamese goods in the locality. At the same time, support the export of goods to the Singapore market; support delegations of partners from Singapore to Vietnam to find sources of goods, open markets, promote industrial, trade and service investment in Vietnam.
| Vietnam Trade Office in Singapore Counselor: Cao Xuan Thang Address: No.10 Leedon Park, Singapore 267887 Phone: +65 6468 3747 Fax: +65 6467 0458 Website: www.vntradesg.org |
Source: https://congthuong.vn/tong-quan-ve-thuong-vu-viet-nam-tai-singapore-367006.html
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