Vietnam Rises to Become Singapore’s 9th Largest Trading Partner
Bilateral Trade Reaches Over SGD 3.39 Billion in January 2025
In January 2025, the bilateral trade volume between Vietnam and Singapore reached SGD 3.39 billion, marking a 16.83% increase compared to the same period in 2024.
- Vietnam’s exports to Singapore totaled SGD 794 million, up 16.97%.
- Vietnam’s imports from Singapore reached SGD 2.6 billion, up 16.79%.
According to Vietnam’s Trade Office in Singapore, citing data from the Singapore Accounting and Corporate Regulatory Authority (ACRA), Vietnam has risen to become Singapore’s 9th largest trading partner.
Vietnam’s Export Performance in January 2025
Vietnam currently ranks 15th among Singapore’s top 20 import sources and 8th among Singapore’s export destinations.
Vietnam’s exports to Singapore saw remarkable growth in key categories:
- Machinery, equipment, mobile phones, components, and spare parts: up 46.02%
- Reactors, boilers, machine tools, and related spare parts: up 47%
- Glass and glass products: up 58.91%
Meanwhile, Singapore’s exports to Vietnam also experienced positive growth across three major product categories:
- Machinery, equipment, mobile phones, components, and spare parts: up 9.33%
- Petroleum and petroleum products: up 107.87%
- Reactors, boilers, machine tools, and related spare parts: up 2.75%
In January 2025, Vietnam recorded a trade surplus of approximately SGD 34.8 million when considering only trade with goods of Singaporean origin.
Singapore’s Economic Outlook and Future Trade Prospects
According to Mr. Cao Xuan Thang, Vietnam’s Trade Counselor in Singapore, Singapore’s overall trade performance remained strong at the start of 2025, continuing the positive momentum from late 2024.
However, long-term prospects for 2025 remain uncertain. On February 14, 2025, Singapore’s Ministry of Trade and Industry (MTI) maintained its official GDP growth forecast at 1% to 3% for 2025, reflecting the potential risks and global economic uncertainties affecting investment, trade, and supply chain shifts.
Despite this challenging backdrop, Vietnam-Singapore trade remains robust, with all key trade indicators showing strong growth, cementing Vietnam’s position as Singapore’s 9th largest trading partner.
Strategies for Sustaining Growth
To maintain this upward trajectory, Vietnamese trade associations and enterprises must:
- Closely monitor policy developments in Singapore, especially new regulations on product quality standards and market access requirements.
- Accelerate digital transformation to reduce production costs and enhance competitiveness.
- Expand trade promotion efforts, including participation in international trade fairs and exhibitions, to increase the presence of Vietnamese products in Singapore’s market.
By adopting these strategies, Vietnamese businesses can further strengthen their trade relationship with Singapore and enhance their market position in the region.