A part of Hai Phong Port in June 2024. Photo by VnExpress/Le Tan
Vietnam’s trade value with Singapore reached an all-time high last year, exceeding S$31.67 billion (US$23.5 billion).
December alone saw this value surpass S$3.06 billion, marking a 19.24 percent increase compared to the same month in the previous year.
For the full year, Vietnam’s exports to Singapore totaled nearly S$8.58 billion, marking a significant 30.8 percent rise. Meanwhile, imports grew by 3.24% to over S$23.09 billion. This resulted in a 9.49 % overall increase in bilateral trade compared to 2023.
Vietnam’s exports to Singapore showed strong growth throughout the year, with 10 months posting increases of over 15%. This impressive performance played a major role in achieving the record-setting trade figure.
Data from Enterprise Singapore indicates that Vietnam achieved a trade surplus of approximately S$1.59 billion in 2024. Key exports such as electronics, machinery, and glass remained robust, while agricultural goods like rice, seafood, and vegetable oils experienced significant growth.
In 2024, Vietnam was Singapore’s 11th-largest trade partner and 10th-largest export market.
Despite these positive results, Cao Xuân Thắng, head of the Vietnam Trade Office in Singapore, noted that economic experts in Singapore remain cautious about 2025 prospects due to potential geopolitical tensions among major economies.
He also mentioned that the office is working to facilitate the entry of Vietnamese poultry meat and eggs into the market.
