Việt Nam and Singapore have significant potential to expand their trade relationship, with numerous untapped opportunities, experts said at a seminar in HCM City on Thursday.

In the context of a volatile global economy, Vietnamese businesses are facing pressure to innovate to maintain growth and compete in both domestic and international markets. According to data from the Ministry of Industry and Trade, Vietnam’s export revenue in 2024 reached more than 335 billion USD. However, to maintain this growth momentum, businesses need to have a more effective market access strategy.

Currently, Vietnamese exporters such as Formosa and other HRC suppliers face a provisional duty of 12.1 per cent when exporting to the EU.

Malaysia’s trade performance in 2024 continued to deliver outstanding performance, recording another milestone with trade reaching new heights. Trade, exports and imports rebounded in 2024 with trade amounting to RM2.879 trillion, an increase of 9.2 percent year-on-year, surpassing the RM2 trillion mark for four consecutive years.

In the context of coffee prices in Sweden reaching their highest levels in decades due to climate change, this presents new opportunities for the Vietnamese coffee industry to expand its market share.

Customer demand remains high, with Vietnam exporting over one million tonnes of rice in the first two months of the year.

Investigation by the Ministry of Industry and Trade shows that PT. Kebun Tebu Mas has circumvented Việt Nam’s trade defence measures for certain sugar products.

Thailand's exports to the EU totaled 24.2 billion USD, including computers, jewelry, air conditioners, rubber products, and automobiles, while imports from the EU amounted to 19.3 billion USD, mainly comprising machinery, pharmaceuticals, aircraft, chemicals, and electrical equipment.

The UK is set to begin trade talks with the Philippines after the Asian nation agreed to lift an import ban on British beef and poultry products.

US Trade Representative Jamieson Greer told Vietnam’s top trade official his country must improve the trade balance between the two countries and further open up its markets.