President Tran Dai Quang’s visit to Singapore from August 28-30 is expected to give an added impetus to the already thriving trade and investment relations between Vietnam and Singapore.
Fish processing for exports (Illustrative image. Source: VNA)
Hanoi (VNA) – President Tran Dai Quang’s visit to Singapore from August 28-30 is expected to give an added impetus to the already thrivi😼ng trade and investment relations between Vietnam and Singapore.
Singapore is currently the largest ASEAN trade partner of Vietnam with two-way trade turnover almost reaching 2.5 billion USD in the first five months of this year, nearly 1.8 billion USD of which was Vietnam’s imports. Bilateral trade is expanding at an average 12 percent a year.
At the same time, the island state is the third largest among 114 foreign investors in Vietnam with 1,600 valid projects worth nearly 36.3 billion USD. Singaporean investors operate in most economic sectors in Vietnam but the bulk of investment is in infrastructure, services and real estate.
Industry insiders said most Singaporean investment projects are operating effectively, with the Vietnam-Singapore Industrial Park (VSIP) joint venture as a typical example.
At a meeting in May this year with Singaporean Prime Minister Lee Hsien Long in Hanoi, Prime Minister Nguyen Xuan Phuc asked Singapore to facilitate the export of more Vietnamese goods to improve the trade balance between the two countries.
Experts said in order to fully exploit the strategic partnership between the two countries to benefit both sides, urgent measures are needed to bring into play the strength of each side. As Singapore has advantages in terms of capital, development research, technology and market, the two sides should create a suitable mechanism to encourage Singaporean firms to support Vietnamese partners in participating further into global production and supply chains.
The two countries should also upgrade their economic mechanisms to further foster business and investment ties between their firms.-VNA
President Tran Dai Quang arrived in Singapore on August 28 afternoon to begin his three-day State visit at the invitation of President Tony Tan Keng Yam.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Fish processing for exports (Illustrative image. Source: VNA)
