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.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Courts’ decisions now published as reference source

    The Ministry of Justice has published 44 verdicts from civil litigation cases which can be used as models for court precedents and for study by the public and those who work in pertinent fields. Publication of the verdicts on December 31 came as the result of joint

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Quarantine site in north Phnom Penh inaugurated

    A four-building quarantine centre in Phnom Penh’s Prek Pnov district was formally inaugurated on January 6. The centre can house up to 500 people, according to Phnom Penh municipal governor Khuong Sreng. At the inauguration ceremony, Sreng said the municipal hall had cooperated with the Ministry

  • China firm to develop Mondulkiri airport

    Tourism to the Kingdom’s northeast corridor could experience a remarkable metamorphosis after the government decided in principle of a Chinese company to study and develop a proposal to build a regional-level airport in Mondulkiri province, according to industry insiders. The Council of Ministers said