Vietnam - Singapore trade relations have improved markedly

Photo caption — Transporting goods at Pasir Panjang port in Singapore. Photo: AFP/TTXVN

Statistics from the Singapore Corporate Authority show that after the first 6 months of the year, Vietnam continued to maintain its 10th position among Singapore's trading partners with a total bilateral exchange value of SGD 19.5 billion, up 28.5% over the same period in 2024, of which Singapore exported SGD 13.9 billion to Vietnam (up 24.4%) and imported SGD 5.5 billion from Vietnam (up 40.1%).

Statistics show that in June 2025 alone, Singapore's total import-export turnover with Vietnam reached 3.2 billion SGD, an increase of 30.4% over the same period in 2024, of which Singapore's exports to Vietnam reached 2.2 billion SGD, an increase of 22.8%, and imports from Vietnam reached 993.6 million SGD, an increase of 51.9%. In Singapore's merchandise exports, the export value of domestically produced products to Vietnam reached 608.5 million SGD, an increase of 26.3%, and the value of temporary imports for re-export (transit) to Vietnam reached 1.6 billion SGD, an increase of 21.5%.

After the first 6 months of 2025, Vietnam continued to maintain its position as Singapore's 10th largest trading partner. In Singapore's merchandise exports, the export value of domestically produced products to Vietnam reached nearly SGD 3.9 billion, up 13.4%, the temporary import and re-export (transit) value to Vietnam reached SGD 10.1 billion, up 29.2%. Singapore is a trade surplus country with a trade surplus value to Vietnam reaching SGD 8.4 billion, up 15.9% over the same period in 2024.

Regarding exports, statistics show that in the first 6 months of 2025, two groups of goods, HS 85 (electrical machinery and equipment and components) and HS 27 (fuels, petroleum and distillates; bituminous substances; mineral waxes) continued to be the first and second groups of goods exported from Singapore to Vietnam. The total export value of these two groups reached 9.5 billion SGD, accounting for 68.3% of Singapore's total export value to Vietnam. These two groups are also witnessing a fairly high growth rate, specifically: HS 85 group had an export value to Vietnam of 7.2 billion SGD, an increase of 30.1% over the same period in 2024, while HS 27 group reached 2.3 billion SGD, an increase of 24.7%.

Although both groups account for a high proportion, the nature of Singapore's exports to Vietnam is quite different. While HS 85 group has a temporary import-re-export rate from a third country of 97.4%, HS 27 group is mainly produced domestically in Singapore, with the domestic value ratio in exports to Vietnam accounting for 98.9%.

In addition to the two groups mentioned above, in the Top 15 main export groups of Singapore to Vietnam in the first 6 months of 2025, there are a number of other notable groups with good export value or impressive growth, such as HS 84 group (nuclear reactors, boilers, machinery and mechanical equipment and components), reaching 1.1 billion SGD, up 65.1%; HS 39 (plastics and plastic products), reaching 535.4 million SGD, up 6.0%; and HS 33 (essential oils, perfumes, cosmetics or cleaning products), reaching 296.5 million SGD, down 10.7%.

Regarding imports, statistics from the Singapore Enterprise Authority show that in the first 6 months of 2025, HS 85 group continued to be the group of goods with the highest import value that Singapore imported from Vietnam, reaching 2.7 billion SGD, an increase of 80.7% over the same period in 2024 and accounting for 49.8% of Singapore's total import value from Vietnam. Ranked second and third in terms of Singapore's import value from Vietnam were HS 84 groups, reaching 1.2 billion SGD, an increase of 80.9%; and HS 70 (glass and glass products), reaching 430.5 million SGD, an increase of 16.8%.

In addition, the remaining groups in the Top 15 main import groups of Singapore from Vietnam mostly recorded negative growth compared to the same period in 2024, with only three groups recording positive growth: HS 90 (optical/photographic/cinematographic/precision measuring/ medical or surgical instruments and apparatus and parts/accessories), reaching SGD 59.5 million, up 69.6%; HS 03 (fish and other crustaceans/molluscs/aquatic invertebrates), reaching SGD 57.2 million, up 10.8%; and HS 71 (natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and products; jewellery made of other materials; coins), reaching SGD 27 million, up 184.6%.

According to Mr. Cao Xuan Thang, Vietnam's Trade Counselor in Singapore, Vietnam's ability to maintain its position as one of Singapore's leading partners has further strengthened the increasingly deep economic ties and is a foundation for the business community to exploit new cooperation opportunities from regional investment and business trends that both sides are interested in, such as linking production and supply chains, penetrating the halal market and green and digital projects.

Source: https://doanhnghiepvn.vn/kinh-te/quan-he-thuong-mai-viet-nam-singapore-khoi-sac-ro-ret/20250724083856531

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