Vietnam-Singapore trade turnover hits over 2.1 billion USD in January

Thursday, 22/02/2024 22:30
Vietnam became the 10th largest trading partner of Singapore in January, with two-way trade turnover reaching over 2.9 billion SGD (2.16 billion USD), up 18.08% over the same period last year, Vietnam News Agency quoted figures of the Vietnam Trade Office in the island nation.
 Vietnam became the 10th largest trading partner of Singapore in January, with two-way trade turnover reaching over 2.9 billion SGD (2.16 billion USD).  (Photo: VNA)

In particular, Vietnam was Singapore's 8th export market with a turnover of 2.23 billion SGD, an increase of 14.79% year-on-year. It was the 17th largest import partner of Singapore with a turnover of 678.8 million SGD, up 30.34%.

According to the trade office, most of Vietnam's exports to Singapore enjoyed growth in January. Among them, iron and steel increased more than 30 times while salt, sulfur, soil and stone, lime and cement rose by 1.22 times; and animal-vegetable oils and fats by 85.32%. The group with the largest export turnover was machinery, equipment, mobile phones, components and spare parts, which expanded by 50.62% to 255.2 million SGD.

Among Vietnam's imports from Singapore, the group with the largest import turnover was machinery, equipment, mobile phones, components and spare parts, which reported a year-on-year surge of 19.82%. The remaining groups saw a growth of over 20%.

To promote exports to Singapore, the office will continue to update the policies and import-export situation of the island nation, facilitate trade connections between companies of both countries as well as assist Singaporean firms in exploring sources of goods and investing in Vietnam.

Vietnam promotes economic, trade, investment cooperation with Central Asian countries

The Ministry of Industry and Trade (MoIT) will take measures to promote economic, trade and investment cooperation between Vietnam and five Central Asian countries (C5) of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, reported Vietnam News Agency.

Headquarters of the Ministry of Industry and Trade in Hanoi. (Photo: VNA) 

According to the ministry, those countries have good traditional friendship relations with Vietnam and leaders of the two sides have paid much attention to promoting their cooperation. However, Vietnam-C5 economic, trade, and investment cooperation are still modest despite their great potential.

Meanwhile, C5 is emerging as a region of geopolitical and geo-economic importance in the world and many large economies such as the US, China, Russia, Turkey, and the EU are promoting their cooperation with it.

Building and implementing comprehensive solutions to promote economic trade and investment cooperation between Vietnam and C5 countries is essential, the ministry said.

In a recent notice, the ministry asked relevant departments and agencies to implement measures including perfecting the legal framework for economic-trade cooperation between Vietnam and C5 countries, developing a project on economic and trade promotion, holding meetings at ministerial and deputy ministerial levels, and enhancing the work of the intergovernmental committee mechanisms with Kazakhstan and Uzbekistan.

For Kyrgyzstan, Tajikistan, and Turkmenistan that currently do not have an intergovernmental committee mechanism with Vietnam, it is necessary to study an economic and trade consultation mechanism to agree on cooperation frameworks between the two sides.

The MoIT will coordinate with the Ministry of Agriculture and Rural Development and relevant establishments to work towards conclusion of agreements in the field of plant and animal inspection, and mutual recognition of product quality certificates to support Vietnam's export activities to C5 countries.

The ministry will provide information on C5 countries to Vietnamese businesses and assist in seeking suitable and safe payment methods for trading with partners in this region.

In addition, the Department of Trade Promotion under the MoIt was asked to preside over and coordinate with research units to annually organise trade and investment promotion delegations to attend large and prestigious fairs, exhibitions, and seminars held in C5 countries. Vietnam will boost promotions for Vietnamese industries, brands, and products to C5 businesses and consumers.

VinFast to supply 600 EVs to three Indonesian businesses

 CEO of VinFast Indonesia Tran Quoc Huy (C) and representatives of Indonesian businesses at the signing ceremony (Photo:

VinFast, Vietnam’s first electric vehicle (EV) manufacturer, on February 22 announced that it has just signed a memorandum of understanding (MoU) with three Indonesian business clients to provide 600 EVs for their corporate fleets, reported Vietnam News Agency.

The MoU, which was signed at the Indonesia International Motor Show (IIMS) 2024, where VinFast had earlier introduced a complete line-up of right-hand drive electric vehicles, opens up an avenue for the Vietnamese EV maker to tap into the strong potential of the local market, and promote the green transportation development in the region.

Accordingly, VinFast will provide 600 EVs for three Jakarta-based companies, namely PT. Energi Mandiri Bumi Pertiwi, PT. Sumber Amarta Jaya and PT. Teknologi Karya Digital Nusa Tbk.

The first two EV models in A & B-SUV segments, that are opened for order, and soon to be launched on the Indonesian market, will serve the companies’ goal of expanding their respective corporate fleets, and cultivate the growth potential of the local green mobility industry.

At the IIMS 2024, VinFast captured the interest of thousands of visitors and received hundreds of reservations from individual consumers. Following its market debut, the orders from corporate clients strongly demonstrate VinFast's credibility in the Indonesian market./.

Vietnam sees opportunities to export poultry meat to China

Vietnam’s meat products exported to China are mainly pork. China’s agreement to review poultry meat export documents could open up opportunities for Vietnamese businesses.

Vietnam News Agency quoted information from the Ministry of Industry and Trade’s Import-Export Department saying that in early 2024, China agreed to review documents for imports of Vietnam’s poultry meat. This is an opportunity for Vietnamese businesses to promote meat exports to this potential market.

Citing data from the Vietnam General Department of Customs, in 2023, Vietnam exported 22,450 tons of meat and meat products, worth 110.35 million USD, an increase of 19% in volume and a rise of 30.4% in value against 2022.

 Photo for illustration

Vietnamese meat and meat products are exported to 28 markets around the world, mainly Hong Kong (China), China, Belgium, Papua New Guinea, Malaysia, Cambodia, France and the US.

In particular, Hong Kong (China) is still Vietnam’s largest export market for meat and meat products with 9,630 tons, worth 60 million USD, up 25.3% in volume and 41% in value against 2022.

Vietnamese meat and meat products are exported to the Hong Kong market (China), mainly frozen suckling pig meat and frozen pork meat.

Over 43 international cruise ships plan to bring tourists to Nha Trang in 2024

In 2024, about 43 international cruise ships will choose Nha Trang Bay as an anchor point to take tourists ashore to visit and enjoy the central coastal city of Nha Trang, according to the Khanh Hoa provincial Department of Tourism.

The international cruise ship Celebrity Solstice anchors in Nha Trang Bay. (Photo: Khanh Hoa Newspaper) 

The ships are luxurious cruise liners, from the Bahamas, Malta, the Marshall Islands, Ukraine, France and Italy, among others. Many of them are capable of serving thousands of passengers at the same time, such behemoth vessels as Spectrum of the Seas and Quantum of the Seas.

Since the beginning of 2024, Nha Trang Bay has welcomed 10 cruise ships into the bay to bring more than 20,750 tourists ashore to visit this coastal city. Tour businesses and units of Khanh Hoa have designed many tours and sightseeing programs to serve the tourists.

Typically, there is a program to visit famous tourist destinations such as Ponagar Tower, Hon Chong, Long Son Pagoda, Truong Son craft village and Dam market.

This year, Khanh Hoa tourism industry strives to welcome 9 million visitor arrivals, including 6 million domestic visitors and 3 million international visitors; earning a tourism revenue of over 40 trillion VND.

The province is organizing a contest to design Nha Trang - Khanh Hoa tourism gift products, as a way to identify the image, tourism brand and promote Nha Trang - Khanh Hoa tourism to international and domestic tourists.

In 2023, the locality welcomed over 7 million visitors, and earned some 33 trillion VND from tourism.

Regarding cruise tourism alone, the province welcomed 23 cruise ships with more than 45,000 holidaymakers./.