VIETNAM RISES TO BECOME SINGAPORE’S 9TH LARGEST TRADING PARTNER

Trade relations between Vietnam and Singapore have been making significant strides, propelling Vietnam to the position of Singapore’s 9th largest trading partner. According to the Vietnam Trade Office in Singapore, data from the Accounting and Corporate Regulatory Authority of Singapore reveals that in January 2025, the total bilateral trade turnover between the two countries reached SGD 3.39 billion, marking a 16.83% increase compared to the same period last year.

Impressive Growth in Vietnam-Singapore Trade Relations

Right from the first month of 2025, Singapore recorded an increase in trade turnover with 9 out of its 15 major partners, highlighting the positive momentum in economic cooperation, especially in import-export activities.

• Vietnam’s exports to Singapore amounted to SGD 794 million, up 16.97%.
• Vietnam’s imports from Singapore reached SGD 2.6 billion, rising 16.79%.
• Vietnam is now the 8th largest exporter to Singapore, with a total export value of SGD 2.56 billion.
• Meanwhile, Vietnam ranks 15th among Singapore’s top import sources.

Key Export Sectors Witness Strong Growth

Vietnam’s major export categories to Singapore continue to show remarkable growth:

• Machinery, equipment, mobile phones, components, and spare parts: Up 46.02%.
• Reactors, boilers, machine tools, and related equipment: Up 47%.
• Glass and glass products: Up 58.91%.
• Optical instruments, measuring devices, medical equipment, watches, and musical instruments: Up 60.77%.
• Tobacco and tobacco substitutes: Up 52.87%.
• Rice and cereals: Up 36.43%.

Strategies to Sustain Trade Growth

According to Mr. Cao Xuan Thang, Vietnam’s Trade Counselor in Singapore, the trade cooperation trend between the two nations is expected to continue its upward trajectory. However, Vietnamese businesses must also navigate challenges such as global trade tensions, inflation, and supply chain disruptions.

To maintain and expand market share in Singapore, Vietnamese enterprises should:

• Closely monitor market trends and stay updated on Singapore’s trade policy changes.
• Leverage digital technology and optimize production processes to reduce costs and enhance competitiveness.
• Actively participate in international trade fairs and exhibitions to seize opportunities for product promotion and business networking.

With the right strategies and proactive approaches, Vietnam can further strengthen its position in trade relations with Singapore, unlocking sustainable development opportunities in the future.