Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore and Vietnam Sign Trade Pact

Singapore and Vietnam Sign Trade Pact

Singapore and Vietnam Sign Trade Pact

SINGAPORE(AP)-Singapore and Vietnam signed an agreement on Sept. 24 to further increase

trade between the two countries.

"Our assessment is that bilateral trade will further expand into the 1990s as

Vietnam continues with its economic reforms," said Senior Trade and Industry

Minister, Lim Boon Heng Said.

The agreement grants the two countries "most favored nation status" in

respect to customs duties and other taxes.

In the 1980s, bilateral trade between Singapore and Vietnam grew at a rate of 28

percent annually to reach U.S. $562 million. But in 1991 it reached a record U.S.

$937.5 million.

In the first six months of this year, Singapore's exports to Vietnam amounted to

U.S. $340 million, while imports were valued at U.S. $190 million, representing an

increase of 18 percent in two-way trade from the same period last year.

Singapore imports include crude oil, coffee, rubber, spices, tin and food from Vietnam

and exports fertilizers, rubber products, textiles, plastic resin, refined oil, tobacco,

flour and television sets.

Singapore companies will have many opportunities in the next few years to expand

their operations in Vietnam, as its reconstruction program generates demand for infrastructure

construction and engineering services, Lim said.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all