A Bright Spot in Early 2025: Vietnam Rises to Become Singapore's Ninth Largest Trade Partner

Vietnam Becomes Singapore's 9th Largest Trade Partner: Import-Export Value Rises Nearly 17%

Trade between Vietnam and Singapore is experiencing impressive growth, elevating Vietnam to the position of the 9th largest trade partner of the island nation. According to the Vietnam Trade Office in Singapore, data from January 2025 from the Singapore Business Management Authority shows that the total import-export turnover between the two countries reached 3.39 billion SGD, an increase of 16.83% compared to the same period last year.

Vietnam Becomes Singapore's 9th Largest Trade Partner: Import-Export Value Rises Nearly 17%

Strong Growth in Vietnam-Singapore Import-Export Turnover

In the first month of 2025, Singapore witnessed growth in trade relations with 9 out of its top 15 partners. Bilateral investment and trade are being strongly promoted, especially in the field of import and export.

• Exports from Vietnam to Singapore reached 794 million SGD, up 16.97%.

• Imports from Singapore to Vietnam amounted to 2.6 billion SGD, an increase of 16.79%.

Vietnam currently ranks 8th among the largest exporting countries to Singapore, with a turnover of 2.56 billion SGD. Meanwhile, Vietnam ranks 15th among Singapore's largest import partners.

Key Export Sectors Show Strong Growth

Vietnam's key export sectors to Singapore all recorded impressive growth:

• Machinery, equipment, mobile phones, components, and spare parts: Up 46.02%.

• Reactors, boilers, machine tools, and spare equipment increased by 47%.

• Glass and glass products: Grew 58.91%.

• Optical machines, measuring equipment, medical devices, watches, and musical instruments: Up 60.77%.

• Tobacco and tobacco substitute products increased 52.87%.

• Rice and cereals: Rose 36.43%.

Strategies to Sustain Growth Momentum

According to Mr. Cao Xuan Thang, Vietnam's Trade counselor in Singapore, bilateral trade relations are expected to continue growing. However, on a global scale, Vietnamese businesses still face challenges from international trade tensions, inflation, and supply chain fluctuations.

Strategies for Vietnamese Enterprises:

• Monitor market developments and update on Singapore's latest policies.

• Accelerate digital transformation, optimize production costs.

• Participate in international trade fairs and exhibitions to promote products.

With the right strategic moves, Vietnam can further strengthen its position in trade relations with Singapore.