Singapore becomes Vietnam’s 6th largest trade partner
Singapore has become the sixth largest trading partner of Vietnam, after China, Japan, the US, the Republic of Korea and Taiwan.
The Vietnam Government Portal (VGP) quoted statistics of the Vietnam Customs as showing that since 2006, goods trading between the two countries has always accounted for a large proportion of Vietnam’s total export and import value.
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| The Vietnam Singapore Industrial Park (VSIP) in northern Bac Ninh province |
By the end of May, two-way trade was valued at US$3.53 billion, in which Vietnam’s import was US$2.49 billion, down 12.9% against the same period of 2012.
Vietnam’s key exports to Singapore in 2012 included computers, electronic products and components with a turnover of US$300 million, up 10.7% over 2011 and accounting for 12.8% of total export turnover to the Singapore market.
The customs agency said deficit has increased sharply over the past two years, from US$1.98 billion in 2010 to US$4.32 billion last year.