Vietnam is Singapore's Ninth Largest Trading Partner
VNA reported that the Vietnam Trade Office in Singapore said that in January, total import-export turnover between Vietnam and Singapore reached 3.39 billion Singapore dollars (SGD), an increase of nearly 17% over the same period in 2024; of which, export turnover from Vietnam to Singapore reached 794 million SGD, an increase of nearly 17%, and imports from Singapore to Vietnam were about 2.6 billion SGD, also an increase of nearly 17% compared to the same period.
In the structure of imported goods from Singapore, goods originating from Singapore reached 759.19 million SGD, an increase of 47.89% and goods from third countries through Singapore exported to Vietnam reached 1.84 billion SGD, accounting for 71%, an increase of 7.46%. If we only calculate the trade balance between Vietnamese goods and goods originating in Singapore, Vietnam’s trade surplus is about 34.8 million SGD.
Regarding export product groups from Vietnam to Singapore, all three main export product groups of Vietnam to Singapore continue to increase strongly. Specifically, the group of machinery, equipment, mobile phones, components and spare parts of all kinds increased by 46.02%; reactors, boilers, machine tools and spare parts of the above machines increased by 47%; glass and glass products increased by 58.91%. Regarding the groups of imported goods from Singapore to Vietnam, all three main import groups had positive growth: machinery, equipment, mobile phones, components and spare parts of all kinds increased by 9.33%; petroleum and petroleum products increased by 107.87% and the group of reactors, boilers, machine tools – equipment and spare parts of the above machines increased by 2.75%.
Currently, Vietnam ranks 15th out of Singapore’s 20 largest import partners with a turnover of more than 794 million SGD, an increase of 16.97%. Vietnam is Singapore’s 8th export market with a turnover of 2.56 billion SGD, an increase of 16.79%. Also according to the above news, Vietnam’s trade counselor in Singapore said that to continue to maintain growth momentum, industry associations and businesses need to regularly monitor developments in the area, especially new policies and regulations on product quality standards and conditions. Besides, it is necessary to innovate management methods and digital transformation in enterprises to reduce production costs, increase competitiveness; strengthen trade promotion activities, promote products, and promote Vietnamese brands to local consumers.
