Vietnam Exports to Singapore Reach US$523.9 Mln in First Quarter
Vietnam was forecast to reap US$523.9 million from goods exports to Singapore in the first quarter of this year, said the Ministry of Industry and Trade (MoIT)’s website.
In March, the country shipped around US$244.49 million worth of products to the ASEAN member country, said the website without mentioning on-year comparison figures.
Crude oil, rice, construction glass, machines and garments and textiles are Vietnam’s major exports to the foreign country while it imports refined oil products, machines, equipment, spare parts and other accessories.
In the first quarter, crude oil topped the list with 481,909 tons worth US$356.65 million, followed by computers, electronics and spare parts with US$31.5 million, coffee with US$21.66 million, seafood with US$14.4 million and apparel with US$7.01 million.
In 2007, the Asian-Pacific Department under the MoIT forecast that Vietnam earned US$1.8 billion from exports to Singapore, up 19.2 per cent on-year.
Singapore has long been the Communist-ruled nation’s biggest export market in ASEAN as it has business-friendly legal framework and policies. Currently, 96 per cent of goods exported to and imported from the country are free of tax. (Vinanet)
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