Cross-border online shopping accounts for as high as 73%, Vietnamese companies will enter Singapore's online market

The latest news said that if Vietnamese businesses can expand their exports to Singapore, they will have great opportunities to connect with international partners that exist in the country, thereby increasing export value and commodity brands.

Vietnamese companies entering Singapore to sell goods is also of great help to the development of their e-commerce, as companies can interact highly with consumers so that they can flexibly adjust production according to customer needs.

The Vietnam Trade Office said this will help companies save production costs and proactively control their own brands.

It is understood that in order to bring goods into the Singapore market in general, and into the country's e-commerce platform system in particular, Vietnamese enterprises will set up their own companies in Singapore or look for Singaporean importers.

The Vietnam Trade Office said the Singapore market is well suited for small and medium-sized enterprises to start cross-border sales.

So why did Vietnam choose Singapore among many ASEAN countries?

Data shows that as many as 21 of the world's 25 leading logistics service providers are headquartered in Singapore. Although Singapore's consumer market is relatively small, it is home to many multinational companies and is also a large global and regional information, trade, financial and logistics center.

Singapore is now home to numerous e-commerce platforms such as Shopee , Lazada , Amazon.sg , Qoo10 , Ezbuy and Ebay.

Singapore's total population is only about 6 million, but the number of people participating in e-commerce and cross-border e-commerce accounts for 73% of the total population.

Several of Singapore's neighboring countries are also major international air transport hubs, making it an important gateway to Asia, especially Southeast Asia .

Therefore, amid the ongoing COVID-19 pandemic, the market is seen as a great opportunity for Vietnamese companies through e-commerce platforms.

It is understood that before the outbreak of the new crown pneumonia epidemic, the Vietnamese Commercial Office in Singapore helped Singaporean importers contact Vietnamese companies via email, etc., in order to strengthen the connection between Vietnamese companies and Singaporean importers.

Moreover, the advantages of entering the Singapore market are high order value and Vietnamese companies do not need to go through import procedures.

Therefore, in order to enter the Singapore market and various e-commerce platforms in Singapore, Vietnamese companies can set up companies in Singapore or look for Singaporean importers.

The Vietnamese Trade Mission in Singapore believes that participation in e-commerce is an irreversible trend.

logistics

Cross-border e-commerce market

Southeast Asia