As a result, Vietnam enjoyed a trade surplus of about SGD538.2 million, and retained its position as Singapore's ninth largest trading partner, said the trade office.

Vietnam ranked 14th among the main suppliers of goods to Singapore, alongside Taiwan (China), China, Malaysia, the United States, the Republic of Korea, and Japan, with a turnover of more than SGD2.55 billion, up 39.46%.

Meanwhile, the island state’s main export markets were Hong Kong (China), China, and the US with turnover reaching SGD19.1 billion, SGD17.46 billion, and SGD17.21 billion, respectively.

Vietnam made up Singapore's eighth largest export market with a turnover of more than SGD7.26 billion, up 23.53%, with its exports to the island state soaring by nearly 40% in the first three months of the year.

March alone saw their two-way trade turnover reach nearly SGD3.25 billion, an increase of 27.93% year on year.

Of the figure, Vietnam’s export earnings rose dramatically by 72.58% to more than SGD1 billion, while imports increased by 14.02% to more than SGD2.2 billion.

Vietnam’s three key export commodity groups to Singapore include machinery, equipment, mobile phones, components, and spare parts of all kinds; reactors, boilers, machine tools, and equipment and spare parts; as well as glass and glass products.

Ample room remains for Vietnam – Singapore trade

Vietnam and Singapore see an ample room to enhance their economic cooperation, particularly in trade, heard a seminar in Ho Chi Minh City on March 13.