Vietnam-Singapore trade turnover picks up
(VOV) -By the end of August, two-way trade turnover between Vietnam and Singapore hit more than SGD11 billion, a-year-on-year increase of 3.5%.
According to the Singapore Department of Statistics, Vietnam fetched SGD2.1 billion from its exports to Singapore in the first eight months of 2013, 18.5% higher than the same period last year.
Three groups of high-value earners included phones and spare parts (up 14% to SGD405 million), machinery, equipment, and tools (up 47% to SGD383.7 million), and crude oil (up 43% to SGD127 million). Glass and glassed products saw a sharply decrease of 18.3%, followed by printers, faxes, photocopy machines and spare parts with 9%.
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Since April 2013, Vietnam’s natural sand has reappeared in the Singapore market with a trade turnover of SGD52.4 million.
Singapore’s exports to Vietnam were valued at SGD$8.974 billion in the first eight months of 2013, up 0.5 percent compared to the same period last year. The volume of goods imported from Singapore fell by 4% to SGD3.944 billion while those re-exported increased by 4.5% to SGD5.03 billion.
Vietnam mainly imported petroleum and products (SGD1.5 billion), machinery, equipment, and tools (SGD628 million), paper and industrial products (SGD428.6 million), and plastics (SGD127 million).
By the end of September, Singapore had 1.186 investment projects operating in Vietnam with total registered capital of US$28.84 billion, ranking 2nd among 100 foreign investors in Vietnam.