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

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,