Long An eyes investment opportunities in Singapore, Malaysia

The seminar also discussed issues relating to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and sought ways of maximizing the advantages of the trade pact in order to boost exports to the Singaporean and Malaysian markets.

The event also brought up trade and investment ties between Vietnam and Singapore, economic policies, prospects for co-operation and development between the two countries, Malaysia's market demand for rice, seafood, fruit and vegetable products, as well as essential information regarding investment opportunities in Malaysia.

Do Phuong Dung, Deputy Director of the Asia-Africa Market Department, said that Vietnam-Singapore relations have enjoyed increasing developments in recent years.

Singapore represents one of the country’s major trading partners within the ASEAN bloc, with the bilateral trade reaching US$7.66 billion in 2018.

Malaysia is currently the country’s fourth largest trading partner, while Vietnam is Malaysia’s second largest trading partner. Last year, bilateral trade between the two countries hit US$11.5 billion, an annual increase of 13.2 per cent.

Dung emphasised that amid changes in the global economy, Vietnamese businesses must improve their overall product and service quality, in addition to renovating production and business activities.

She added that they should follow both regional and global laws and standards in order to make further inroads into demanding markets.

Pham Van Canh, Vice Chairman of the Long An provincial People's Committee, noted that there are more than 11,000 enterprises operating within the locality with a total registered capital of nearly VND273,000 billion, in addition to 576 valid foreign direct investment (FDI) projects.

Most notably, businesses from Singapore have invested in 36 FDI projects with a combined capital of US$521 million, meaning the island nation ranked seventh among foreign investors in Long An.

Simultaneously, Malaysia has poured investment into 12 FDI projects capitalized at US$37 million, ranking 14th among foreign investors in the province..

Singapore and Malaysia also represent two significant import and export markets for businesses throughout the province with trade  turnover between Long An and Singapore reaching US$316.34 million in 2018. Meanwhile, the import-export turnover between the locality and Malaysia hit US$95.7 last year.

The seminar helped local businesses gain further insights into the markets, trade policies, import and export regulations, as well as the incentives that exist under the CPTPP.