Singapore (VNA) – Many Singaporean firms are interested in investing in the foodindustry, agriculture, and dining services in Vietnam as they forecast that thesesectors will thrive in the near future amidst broader ASEAN integration.
Itwas according to Andy Yun, Secretary General of Singapore ManufacturingFederation representing more than 3,000 members operating in automation,biology, construction, heavy industry and more, during the second Vietnam –Singapore business exchange held in the island state on March 17.
Yundescribed Vietnam as a major market in the region with potential of agricultureand food industry. Meanwhile, Singaporean enterprises are strong in technology,supply chain and logistics – a supplementary factor to bilateral partnership.
NguyenVan Than, Chairman of the Vietnam Association of Small and Medium-sizedEnterprises, led a delegation of over 100 Vietnamese firms, many of them arestart-ups, to the event.
Hesaid many Singaporean enterprises actively connected with Vietnamese ones atthe event, proving that bilateral cooperation potential is huge.
Accountingfor over 97 percent of the total, Vietnamese SMEs contribute nearly 40 percentof the gross domestic product, 33 percent of industrial production value, 30percent of export value and attract more than half of the workforce, he said.
Ministerat the Vietnamese Embassy in Singapore Dinh Hoang Linh said the exchange is partof celebrations of the 45th anniversary of bilateral diplomatic tiesand the fifth anniversary of strategic partnership.
Statisticsshowed that Singapore is now the sixth largest trade partner of Vietnam in theworld and the second largest in ASEAN. Vietnam is also the 12th largest trade partner of Singapore.
Two-waytrade has grown 12-15 percent annually over the past years.
In2017 alone, two-way trade between Vietnam and Singapore neared 16 billion USD.Singapore ranks third among 126 countries and territories investing in Vietnamwith a total capital of roughly 43 billion USD. -VNA
VNA
