Vietnamese companies seek business opportunities in Singapore

Hanoi (VNA) -  Vietnamese agricultural, fishery and food businesses were updated on the Singaporean market at an online conference held by the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (Vietrade) and the Vietnamese Trade Office in Singapore on May 29.

The event, which saw the participation of over 100 representatives of agencies, organisations and businesses of the two countries, offered Vietnamese firms a good chance to directly interact with Singaporean partners, thus introducing their products.

According to head of the Vietrade Vu Ba Phu, Singapore, one of the countries with the most dynamic economy in Asia - Pacific, is playing an important role in trade cooperation with Vietnam.

The country considers Vietnam as one of the key markets to help it offset the shortage of goods, especially agricultural products, fisheries, food and construction products.

Addressing the event, Chairman of the Singapore Manufacturing Federation and the Vietnam-Singapore Business Council (VSBC) Douglas Foo said Vietnam and Singapore signed a series of free trade agreements (FTAs), and their membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created great opportunities for the two countries to further expand cooperation.

Tran Thu Quynh, Trade Counselor at the Vietnamese Embassy in Singapore said the two countries' trade supports each other rather than compete, adding that this is a favourable condition for Vietnamese exporters of agricultural, fishery and food products to expand their market share in the country.

Quynh said in order to adapt to the new situation, Vietnamese businesses need to prepare for changes in the consumption trends in the Singaporean market, and pay attention to building supply networks in order to create capacity to adapt to risks.

She stressed the necessity for Vietnamese firms to take advantage of e-commerce channels to do business because e-commerce in Singapore is booming in all areas.

Vietnamese and Singaporean businesses should enhance cooperation in capital, technology, brand and consumption network to increase production scale and added value of products, Quynh noted.

The Vietnamese Trade Office is willing to assist Vietnamese businesses in exhibiting and introducing their products, she said.

It will also support Vietnamese businesses in market research through trial sales on local e-commerce channels such as Redmart, Ezbuy, Eamart, Market Fresh, Quynh added./.