Vietnam-Singapore two-way trade turnover increased by more than 27%

In the first two months of this year, the two-way import-export turnover between Vietnam and Singapore reached more than 6.57 billion SGD, an increase of 27.15% over the same period last year; of which, exports increased sharply by 23.21%.

The shipment of 1,200 tons of modules was exported to Singapore by Doosan Enerbility Vietnam Heavy Industries Co., Ltd. (Doosan Vina), Dung Quat Economic Zone, Binh Thuan Commune, Binh Son District, Quang Ngai Province. (Photo: VNA)

Mr. Cao Xuan Thang, Vietnam Trade Counselor in Singapore, said that Singapore's trade situation with the world in February continued to maintain the positive momentum from the last months of last year when all indicators of total two-way turnover and export and import turnover grew positively.

At the same time, Vietnam's export turnover to Singapore in February continued to grow well with all three turnover indicators increasing sharply, making Vietnam the 9th largest trading partner of Singapore. Vietnam rose to become the 14th largest export partner to Singapore and the 7th largest import partner of Singapore.

Citing statistics from the Singapore Enterprise Management Authority, the Vietnam Trade Office in Singapore (ESG) said that after the first two months of this year, Vietnam remained Singapore's 9th largest trading partner with two-way trade turnover of more than SGD 6.57 billion, an increase of 27.15%.

Regarding imports, in the first two months of this year, Singapore's main import markets were Taiwan (China), China, Malaysia, the United States, South Korea, Japan... Vietnam currently ranks 14th among Singapore's largest import partners.

Notably, 13/20 of Singapore's import partners had positive import growth, some partners had high growth rates such as Hong Kong (China) increased by 126.4%; Taiwan (China) increased by 44.66%; UK increased by 39.46%... In particular, Taiwan (China) continued to be the largest import market with a turnover of more than 16.27 billion SGD (up 44.66%). Followed by China (2nd) and the United States (3rd) with turnover of 12.27 billion SGD, up 7.74% and 12.18 billion SGD, up 11.43% respectively. Vietnam is Singapore's 14th largest import market with a turnover of more than 1.54 billion SGD, up 23.21%.

Regarding exports, in the first two months of this year, Singapore's main export markets were Hong Kong (China), Malaysia, and China with turnover reaching 12.48 billion SGD, up 0.45%, 11.82 billion SGD, up 11.57%, and 11.61 billion SGD, down 23.7%, respectively... Vietnam is Singapore's 7th largest export market with turnover of nearly 5.06 billion SGD, up 28.38%.

70% of Hai Duong province's carrot output is exported to the Singapore market. (Photo: Vu Sinh/VNA)

In February this year, the total export turnover between Vietnam and Singapore reached more than 3.18 billion SGD, an increase of 40.41% over the same period last year. Exports from Vietnam to Singapore still maintained a very high growth rate (31.01%) with a value of 721.37 million SGD, and import turnover also grew very high at 43.43%, reaching nearly 2.46 billion SGD.

In addition, in the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased by 23.37%, reaching nearly 650 million SGD; goods from third countries through Singapore exported to Vietnam (accounting for 71% of export turnover) decreased by 3.95%, reaching more than 1.8 billion SGD. Although the deficit between imports and exports is more than 1.73 billion SGD, if only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam has a trade surplus of more than 71.45 million SGD.

In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 72.15% of the total export turnover from Singapore to Vietnam, equivalent to 3.65 billion SGD. If we only count goods originating from Singapore, Vietnam has a trade surplus of about 105.7 million SGD.

Regarding the export product groups from Vietnam to the Singapore market, in February this year, all three main export product groups from Vietnam to Singapore continued to increase very strongly.

Specifically, the group of machinery, equipment, mobile phones, components and spare parts of all kinds increased by 65.25%; reactors, boilers, machine tools and spare parts of the above machines increased by 68.83%; glass and glass products increased by 87.27%. Some other export groups also had very strong growth such as optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds increased by more than 89.64%; alcohol and beverages increased by more than 84.32%... On the contrary, some groups had quite strong declines such as gasoline and petroleum products decreased by 90.82%; cigarettes and tobacco substitutes decreased by 23.79%...

BIGL Vietnam Co., Ltd. (invested by Singapore) in Song Cong II Industrial Park, Tan Quang Commune, Song Cong City specializes in manufacturing and processing electronic components with a scale of 1.5 million products/year. (Photo: Tran Viet/VNA)

Regarding the import groups from Singapore to Vietnam last February, it showed very strong growth in all three main import groups: machinery, equipment, mobile phones, components and spare parts of all kinds, up 44.58%; petroleum and petroleum products up 24.73%; and reactors, boilers, machine tools and spare parts of the above machines up 142.75%.

Some other industry groups continued to increase dramatically, such as lead and lead products increased 34 times, pharmaceuticals increased 2.3 times... On the contrary, some industry groups decreased quite sharply, such as pearls, gemstones, and jewelry products decreased 52.48%, watches, personal watches and parts decreased 42.29%.

Also according to ESG data, in February, Singapore's total import-export turnover with the world reached more than 100.57 billion SGD, up 4.63% over the same period last year; of which, exports reached nearly 53.89 billion SGD, up 5.43% and imports were more than 46.68 billion SGD, up 3.73%. In terms of export turnover, goods originating from Singapore reached more than 22.6 billion SGD (down 2.38%) and goods originating from third countries reached nearly 31.3 billion SGD (up 11.9%), accounting for 41.95% and 58.05% of Singapore's total export turnover, respectively.

In the first two months of this year, Singapore's total import-export turnover with the world reached more than SGD 214.5 billion, up 5.66% over the same period in 2024, of which exports were more than SGD 113.2 billion (up 4.1%) and imports were more than SGD 101.3 billion (up 7.48%).

In the first two months of this year (compared to the same period last year), import-export turnover between Singapore and most of its largest partners (11/15 partners) grew positively, some partners had strong growth such as Taiwan (China) up 60.7%; UK up 39.13%... Taiwan (China), Malaysia, China and the United States are respectively the four largest trade partners of Singapore with total trade turnover of: 24.45 billion SGD; 24 billion SGD; 23.89 billion SGD and 21.93 billion SGD.

To better support Vietnamese enterprises, Mr. Cao Xuan Thang emphasized that the Trade Office will continue to update the situation, mechanisms and policies of the locality. On the other hand, it will connect trade, display goods, promote business brands and product brands, and increase the presence of Vietnamese goods in the locality.

In addition, support the export of goods to the Singapore market; support working delegations from Singapore to Vietnam to seek sources of goods, promote industrial, trade and service investment in Vietnam./.

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