After the severe impact of the COVID pandemic, not only Singapore but also countries around the world are still making efforts on the path of economic recovery and development. Thanks to the right steps, Lion Island has overcome the difficult period with positive signals. So, what will Singapore do to continue and develop its potential economy?

Singapore’s economy is still developing stably.

Singapore reopens, strengthens trade connections with other countries

The Lion Island nation is gradually opening up to each country through the Vaccinated Travel Lane (VTL) program. Up to now, Singapore has announced VTL with 30 countries including Vietnam. The opening situation with Vietnam also began to show positive signs when Singapore announced the adjustment of the risk assessment framework with some ASEAN countries. Specifically, from 11/11, Vietnam, Cambodia, Indonesia, Malaysia will be adjusted from Group III to Group II.

As Vietnam is scheduled to reopen its borders to international travel from March 15, Singapore has decided to launch Vaccinated Travel Lane (VTL) with Vietnam, restoring two-way travel without quarantine.

Earlier, at the beginning of 2021, MTI released data showing that Singapore’s economy grew by 7.2%, recovering from a contraction of 5.4% in 2020, Singapore has faced the most severe recession since 1965 due to the impact of the COVID-19 pandemic.

Stronger than expected expansion in manufacturing sector

Singapore focuses on developing future factory, enterprise and value chain models based on industry 4.0, including the combination of production technology with information technology, in the manufacturing industry, advanced materials, additive manufacturing (3D printing), robotics and automation. The future factory model is researched for Singapore’s key industrial sectors, including pharmaceuticals, chemicals, electronics, precision mechanics, automotive mechanics…

Singapore’s fourth industrial revolution program aims to improve the capacity of domestic enterprises and industries to absorb new technologies through 3 strategies on technology capacity building, digital transformation in Vietnam industry and enterprise levels, and human resource development.

Singapore’s economy is still on the rise, albeit at a slower pace

The world is still struggling with the post-pandemic economic crisis. Singapore’s central bank MAS (the Monetary Authority of Singapore) cut its growth forecast for 2023 from 3% to 2.8%. But reduce the unemployment rate from 2.1% to 2%. According to economic experts, stronger growth in China along with the rapid recovery of the domestic tourism sector are believed to be potential drivers contributing to the growth prospects. positive growth of Singapore’s economy.

According to MAS, MTI statistics show that in the second quarter of 2022, Singapore’s manufacturing sector grew by 8% over the same period last year, slightly better than the 7.9% growth in the previous quarter. The construction sector grew by 3.8% year-on-year, faster than the 1.8% growth in the first quarter of 2022.

Connect trade, grow together

COVID-19 has created havoc for many companies, affecting the global economy. However, as business leaders, we have a responsibility to look ahead and make decisions about the context in which its consequences unfold. With Singapore’s potential for economic development, increasing trade cooperation with your country is an opportunity for Vietnamese businesses to recover, develop and learn more from Lion Island. And not to miss this potential opportunity, Innovative Hub created the project “B2B Matching Vietnam – Singapore” connecting businesses between the two countries to meet, find partners, and expand markets for businesses. in Viet Nam. “B2B Matching Vietnam – Singapore” not only helps Vietnamese businesses find quality partners and suppliers from Singapore, but also provides more information on economic activities of both countries. The project has been attracting a lot of attention from suppliers from Singapore as well as import and distribution companies and agents in Vietnam. This is a “golden” opportunity for businesses that want to import foreign products, expand their product lines and distribute quality products exclusively.

Innovative Hub, with a mission to digitally transform businesses to do business globally, provides specialized services on eCommerce platforms to help businesses go beyond traditional business forms. Innovative Hub always accompanies its customers and builds together step by step towards the path of success.