In 2024, Vietnam sustained its position as Singapore's 11th largest trading partner.

Statistics show Vietnamese exports to Singapore expanded 16.79% to SGD2.56 billion, while its imports grew 47.89% to SGD759.19 million, excluding goods from third countries transshipping through Singapore to Vietnam totaling SGD1.84 billion.

All three main export groups continued to experience strong growth, namely machinery, equipment, mobile phones, components, and accessories (up 46.02%); reactors, boilers, machine tools, and spare parts (up 47%); and glass and glass products (up 58.91%).

Other notable product categories also saw strong growth, such as optical machinery, measuring instruments, medical devices, watches, musical instruments, and accessories (up 60.77%); tobacco and tobacco substitute products (up 52.87%); and rice and cereals (up 36.43%).

On the import side, the three key product groups imported from Singapore into Vietnam also recorded positive growth, namely machinery, equipment, mobile phones, components, and accessories (up 9.33%); petroleum and petroleum products (up 107.87%); and reactors, boilers, machine tools, and spare parts (up 2.75%).

Several other items even witnessed a sharp increase, including zinc and zinc products (nearly 1.6 times higher) and pharmaceuticals (up 96%).

Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore, cited Singapore’s Ministry of Trade and Industry (MTI) report, saying global uncertainties and potential risks could negatively impact investment, trade, and supply chain shifts globally.

Trade tensions between major economies, along with the potential escalation of geopolitical conflicts, could increase production costs and contribute to instability in global economic policies.

Furthermore, disruptions in the process of reducing global inflation may lead to prolonged financial tightening, posing risks of instability in the banking and financial system.

In this context, Singapore’s trade-related manufacturing and service industries are expected to continue growing in 2025, although at a slower pace compared to 2024.

Given this situation, Thang emphasized that to sustain growth, industry associations and businesses should closely monitor developments in Singapore, particularly new policies and product quality regulations.

Businesses should innovate management methods, embrace digital transformation to reduce production costs and enhance competitiveness, and strengthen trade promotion efforts, he suggested.

Participating in international trade fairs and exhibitions will help increase the presence of Vietnamese goods, promote products, and enhance Vietnamese brands among local consumers, he added.

Vietnamese petroleum imports from Singapore triple in January

VOV.VN - Total trade turnover between Vietnam and Singapore in January soared by 25.5% year on year to US$953 million, with petroleum imports from Singapore witnessing a three-fold rise, according to data from Vietnam Customs.