Economy, trade and investment have always been solid pillars, contributing to promoting Vietnam-Singapore relations to new heights.
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| Accumulated for the whole year of 2024, two-way import-export turnover between Vietnam and Singapore reached more than 31.67 billion SGD, an increase of 9.49% over the same period in 2023. (Source: Customs Newspaper) |
Trade turnover growth impressive
According to the Vietnam Trade Office in Singapore, after 12 months of 2024, Vietnam remained Singapore's 11th largest trading partner with two-way trade turnover of more than SGD 31.67 billion, up 9.49%.
Regarding imports , in 2024, Singapore's main import markets will be Taiwan (China), China, the US, Malaysia, South Korea, Japan... Vietnam currently ranks 18th among Singapore's largest import partners. Vietnam is Singapore's 18th largest import market with a turnover of nearly SGD 8.58 billion (up 30.8%).
Regarding exports, in 2024, Singapore's main export markets are China, Hong Kong (China), and Malaysia with turnover reaching 85.76 billion SGD (up 7.13%), 66.39 billion SGD (up 8.16%) and 64.33 billion SGD (up 16.32%) respectively... Vietnam is Singapore's 10th export market with a turnover of more than 20.8 billion SGD (up 1.72%).
In general, in December 2024, the total import-export turnover between Vietnam and Singapore reached more than 3.06 billion SGD, an increase of 19.24% over the same period in 2023. Exports from Vietnam to Singapore still maintained a high growth rate (18.98%) with a value of 781.17 million SGD, and import turnover also grew strongly at 19.33%, reaching more than 2.28 billion SGD.
In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased dramatically by 52.9%, reaching more than 694.77 million SGD; goods from third countries exported to Vietnam through Singapore (accounting for 70% of export turnover) increased by 8.9%, reaching more than 1.59 billion SGD.
Although the deficit between imports and exports is more than 1.5 billion SGD, if only calculating the trade balance between Vietnamese goods and goods originating from Singapore, in December 2024, Vietnam had a trade surplus of more than 86.4 million SGD.
Accumulated for the whole year of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 31.67 billion SGD, an increase of 9.49% over the same period in 2023, of which exports increased sharply by 30.8%, reaching nearly 8.58 billion SGD and imports were more than 23.09 billion SGD, an increase of 3.24%.
In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 69.73% of the total export turnover from Singapore to Vietnam, equivalent to 16.1 billion SGD. If we count separately goods originating from Singapore and goods originating from Vietnam, Vietnam has a trade surplus of about 1.59 billion SGD.
In particular, in 2024, Vietnamese rice will hold the leading position in Singapore, accounting for the majority of market share in the white rice, fragrant rice and sticky rice groups. Vietnamese rice is not only consumed strongly in Singapore but is also re-exported to other international markets, affirming its quality and appeal to global consumers.
In terms of investment, Singapore is always among the top investors in Vietnam. As of October 2024, Singapore has 3,806 investment projects in Vietnam with a total registered capital of more than 81.13 billion USD, spread across 18 sectors. The projects focus on processing industry, real estate business, energy production and distribution.
Some localities attracting a lot of investment capital from Singapore include Ho Chi Minh City with 1,635 projects, Hanoi with 493 projects and Bac Ninh with 93 projects.
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| VSIP Industrial Park is considered a symbol of cooperation between Vietnam and Singapore in the field of economic investment. (Source: VSIP) |
Leverage from new generation FTAs
Being a member of many new-generation free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or the Regional Comprehensive Economic Partnership (RCEP)... has created "leverage" for the two sides' trade exchanges to flourish. Thanks to that, the two countries have more opportunities and favorable conditions to boost the export of goods to each other's markets, as well as seek information and expand their customer base.
Over the past time, Vietnam and Singapore have always closely coordinated in comprehensively and deeply promoting all contents of new-generation FTAs, while making efforts to effectively utilize the benefits that FTAs bring to the business community.
Recognizing the complementarity of the two economies, Vietnam and Singapore have been promoting FTAs to jointly participate, thereby enhancing cooperation and contributing to the economic development of each country as well as the region.
In addition, Singapore's economic outlook is supported by a number of factors, especially the strong demand for high-end electronic products (such as AI chips), which is expected to support the development of the electronics manufacturing industry. This also creates opportunities for Vietnam's strengths in the technology sector to be exported more to this market.
According to experts, to make the most of opportunities from the Singapore market, Vietnamese export enterprises need to carefully study information, grasp changes in the import market to build export strategies. In addition, it is necessary to focus on innovating production technology, improving product quality and appearance to meet the high standards of the Singapore market. In particular, enterprises need to clearly understand the important transit role of Singapore to expand the market globally.
Together creating breakthroughs in green economy and digital economy
During his visit to Singapore in December 2024, National Assembly Chairman Tran Thanh Man and Singaporean leaders agreed that in the coming time, the two sides will continue to coordinate closely, soon bringing the bilateral relationship to a new height.
With a solid foundation of bilateral economic cooperation, the two sides affirmed their determination to further promote this important pillar of cooperation, through increasing information exchange and sharing experiences in handling new issues in socio-economic development.
The two sides will promote investment based on each country's strengths, creating breakthroughs in new growth areas such as green logistics, data center construction, semiconductor chip manufacturing, clean energy, carbon credits, food security, green finance, etc.
Speaking to the press ahead of General Secretary To Lam's visit to Singapore, Professor Bilveer Singh, National University of Singapore (NUS), said that Singapore wants to promote cooperation in developing the digital economy within the framework of the Association of Southeast Asian Nations (ASEAN), especially with Vietnam.
For this sector to develop, Vietnam needs to continue to improve the legal system in areas such as e-commerce and digital services, while preparing quality human resources.
Mr. Singh assessed that Vietnam is developing very rapidly, and hoped that the two countries can cooperate closely in the field of digital economy at present according to the commitment of the two countries' senior leaders, because this model has great potential and bright prospects in the future.
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| Vietnam and Singapore are actively implementing cooperation in various fields to promote the Green Economic Partnership and Digital Economy. Illustrative photo. (Source: Investment Newspaper) |
Professor Vu Minh Khuong from the Lee Kuan Yew School of Public Policy said that the characteristic of the digital economy is its rapid development thanks to science and technology. Vietnam also has a large human resource in information technology, so further promoting cooperation with Singapore will bring great development momentum to both countries.
In fact, Vietnam and Singapore are actively implementing cooperation in various fields to promote the Green Economic Partnership and Digital Economy.
Speaking at the online seminar on March 4 on the Vietnam-Singapore Comprehensive Strategic Partnership organized by the Institute of Yusof Ishak (ISEAS)-Singapore, Singaporean Ambassador to Vietnam Jaya Ratnam said that the two countries have expanded their bilateral partnership in new areas, especially cooperation in renewable energy, food, infrastructure, digital economy and innovation.
These are areas of cooperation being implemented under the Digital Economy-Green Economy Partnership. Through this framework, the two countries can support each other in addressing common challenges and can play an important role in ASEAN.
Vietnam and Singapore are at a historic moment in their bilateral relationship, with both countries having new leadership.
Regarding the potential for green economic development, Singaporean Ambassador to Vietnam Jaya Ratnam emphasized: "Singapore considers Vietnam an important destination in the ASEAN energy network, thanks to its great potential in the field of renewable energy. Vietnam is not only capable of supplying energy to Singapore but also to many other ASEAN countries.
Both countries are aiming to achieve net zero emissions by 2050, with energy products from Vietnam playing an important role in achieving this goal. In addition to exporting energy, Vietnam also has the conditions to build energy production and service facilities."
Source: https://baoquocte.vn/de-kinh-te-thuong-mai-dau-tu-la-tru-cot-vung-chac-dua-quan-he-viet-nam-singapore-len-tam-cao-moi-307013.html
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