“Singapore is Vietnam’s third largest trading partner within ASEAN, and its sixth largest partner in the world following China, Japan, the US, Korea and Taiwan,” said Tran Tuan Anh, Deputy Minister of Industry and Trade

Trade between Vietnam and Singapore has burgeoned in recent years, with two-way trade turnover rising significantly to $8.4 billion in 2013.

Vietnam’s exports to Singapore reached $2.7 billion in 2013, up 15 per cent on-year with major products including seafood, agricultural, wood products, garments and textiles and handicrafts.

Meanwhile, Vietnam imported $5.7 billion worth of petroleum, computers, electronics and components, machinery, equipment, telephones and chemical products from Singapore, down 15.4 per cent against 2012.

The Singaporean market also offers huge potential for Vietnam’s rice exports, Anh said, with Vietnamese rice already accounting for over 20 per cent of Singapore’s rice imports. Vietnamese businesses could benefit from the export of high quality and jasmine rice to the city state and Deputy Minister Anh underscored that there was ample opportunity for future export growth.

Although Singapore is the largest trading partner of Vietnam in the region, Vietnam has continuously registered a trade deficit with Singapore. The trade deficit hit $2 billion last year.