Hanoi (VNA) -  Vietnamese agricultural,fishery and food businesses were updated on theSingaporean market at an online conference held by the Ministry of Industry andTrade’s Vietnam Trade Promotion Agency (Vietrade) and the Vietnamese Trade Office in Singapore on May 29.

The event, which saw the participation of over 100 representatives of agencies,organisations and businesses of the two countries, offered Vietnamese firms a goodchance to directly interact with Singaporean partners, thus introducing theirproducts.

According to head of the Vietrade Vu Ba Phu, Singapore, one of the countries withthe most dynamic economy in Asia - Pacific, is playing an important role in trade cooperation with Vietnam.

The country considers Vietnamas one of the key markets to help it offset the shortage of goods, especiallyagricultural products, fisheries, food and construction products.

Addressing the event, Chairmanof the Singapore Manufacturing Federation and the Vietnam-Singapore Business Council (VSBC) DouglasFoo said Vietnam and Singapore signed a series of free trade agreements (FTAs), and their membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created greatopportunities for the two countries to further expand cooperation.

Tran Thu Quynh, Trade Counselor at theVietnamese Embassy in Singapore said the two countries' trade supports eachother rather than compete, adding that this is a favourable condition forVietnamese exporters of agricultural, fishery and food products to expand theirmarket share in the country.

Quynh said in order to adapt to the new situation, Vietnamese businessesneed to prepare for changes in the consumption trends in the Singaporean market,and pay attention to building supply networks in order to create capacity toadapt to risks.

She stressed thenecessity for Vietnamese firms to take advantage of e-commerce channels to dobusiness because e-commerce in Singapore is booming in all areas.

Vietnamese andSingaporean businesses should enhance cooperation in capital, technology, brandand consumption network to increase production scale and added value ofproducts, Quynh noted.

The Vietnamese Trade Office is willing toassist Vietnamese businesses in exhibiting and introducing their products, shesaid.

It will also supportVietnamese businesses in market research through trial sales on locale-commerce channels such as Redmart, Ezbuy, Eamart, Market Fresh, Quynh added./.