The Vietnam Trade Office in Singapore cited the Accounting and Corporate Regulatory Authority of Singapore, saying Vietnam was Singapore’s 10th largest trading partner, with two-way trade rising 25.7% from a year earlier and already exceeding the full-year total recorded in 2024.

In November alone, bilateral trade hit SGD2.9 billion, up 15.8% year on year. Singapore’s exports to Vietnam stood at SGD1.8 billion, while imports from Vietnam rose sharply to SGD1.1 billion, an increase of more than 55%.

For the January–November period, Singapore’s exports to Vietnam amounted to SGD24.5 billion, up 17.7%, while imports from Vietnam fetched SGD11.5 billion, jumping 47.2%. On a gross basis, Singapore recorded a trade surplus of about SGD13 billion, broadly unchanged from a year earlier.

However, more than 73% of Singapore’s exports to Vietnam during the period consisted of re-exported or transshipped goods, totaling SGD17.9 billion. When only goods of Singaporean and Vietnamese origin are counted, Vietnam recorded a trade surplus of SGD4.88 billion, the data shows.

Machinery and electrical equipment remained the largest export category from Singapore to Vietnam, with shipments valued at SGD12.8 billion, up 28.2% from the same period in 2024. Mineral fuels and petroleum products followed, bringing in SGD3.7 billion, an increase of 14.2%. Together, the two categories accounted for more than two-thirds of Singapore’s exports to Vietnam.

While machinery exports were overwhelmingly re-exports from third countries, fuel and petroleum products were largely domestically produced in Singapore, reflecting differing trade structures between the two major categories.

Other significant exports included industrial machinery, plastics and cosmetics, though some of these groups recorded year-on-year declines.

On the import side, machinery and electrical equipment also dominated Singapore’s purchases from Vietnam, with imports surging more than 100% to nearly SGD5.9 billion and accounting for over half of total imports. Industrial machinery and glass products followed, while most other categories posted weaker performance.

Cao Xuan Thang, Vietnam’s commercial counsellor in Singapore, said trade growth could face headwinds in 2026 as Singapore’s economic expansion is expected to slow. He noted that Singapore’s domestic market is largely saturated and that future trade growth would depend mainly on its role as a regional transshipment hub serving third markets.

To sustain export momentum, he suggested that Vietnamese firms businesses focus on product quality, cost efficiency and branding, while investing in technology and packaging to remain competitive in international supply chains.

Vietnam, Singapore accelerate implementation of comprehensive strategic partnership

VOV.VN - Vietnam and Singapore agreed to step up the implementation of their Comprehensive Strategic Partnership during a phone call between Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on December 18, with a focus on economic cooperation, green energy and ASEAN coordination.