According to statistics from the Vietnam Trade Office in Singapore, Vietnam has risen to become Singapore's 9th largest trading partner, with two-way trade turnover reaching more than SGD 3.39 billion, an increase of 16.83%.
According to a VNA reporter in Singapore, Singapore's trade situation with the world in January 2025 maintained positive momentum from the last months of 2024 when all indicators of total two-way turnover and export and import turnover grew positively.
In that context, Vietnam has risen to become Singapore's 9th largest trading partner.
In 2024, Vietnam will be Singapore's 11th largest trading partner.
The Vietnam Trade Office in Singapore cited statistics from the Singapore Enterprise Authority in January 2025, saying that Singapore's total import-export turnover with the world reached more than SGD 114.15 billion (USD 85.2 billion), an increase of 6.75%.
Import-export turnover between Singapore and 9/15 partners grew positively, some partners had strong, even sudden increases in turnover such as Taiwan (China) increased by 92.27%; Philippines increased by 25.99%), United Arab Emirates (UAE) increased by 18.7%...
Taiwan, Malaysia, mainland China, and the United States are Singapore's four largest trading partners with total trade turnover of SGD 14.9 billion, SGD 13.2 billion, SGD 12.8 billion, and SGD 11.21 billion, respectively.
Vietnam has risen to become Singapore's 9th largest trading partner, with two-way trade turnover reaching more than SGD 3.39 billion, an increase of 16.83%.
Regarding imports, in January, Singapore's main import markets were Taiwan, China, Malaysia, the US, South Korea...
Vietnam currently ranks 15th out of 20 largest import partners of Singapore with a turnover of more than 794 million SGD (up 16.97%).
Regarding exports, in January, Singapore's main export markets were Malaysia, Hong Kong, mainland China... Vietnam was Singapore's 8th largest export market with a turnover of 2.56 billion SGD, up 16.79%. 13/20 of Singapore's leading export markets achieved positive growth, some markets had quite high growth rates such as Taiwan (up nearly 127%), Malaysia (up 24.86%), Philippines (up 20.72%).
In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore reached 759.19 million SGD, up 47.89% and goods from third countries via Singapore exported to Vietnam reached 1.84 billion SGD (accounting for 71%), up 7.46%.
If only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam has a trade surplus of about 34.8 million SGD.
Regarding the export commodity groups from Vietnam to Singapore, in January 2025, all three main export commodity groups of Vietnam to Singapore continued to increase very strongly, specifically: machinery, equipment, mobile phones, components and spare parts of all kinds (up 46.02%); reactors, boilers, machine tools and equipment and spare parts of the above types of machines (up 47%); glass and glass products (up 58.91%).
Some other industry groups also grew remarkably strongly, such as optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (up 60.77%); tobacco and tobacco substitutes (up 52.87%); rice and cereals (up 36.43%)...
Regarding the import groups from Singapore to Vietnam, all three main import groups had positive growth: machinery, equipment, mobile phones, components and spare parts of all kinds (up 9.33%); petroleum and petroleum products (up 107.87%) and reactors, boilers, machine tools and equipment and spare parts of the above types of machines (up 2.75%).
Some other industry groups continued to increase dramatically such as: zinc and zinc products (up nearly 1.6 times), pharmaceuticals (up 96%)...
Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, assessed that the long-term prospects of Singapore's economy in 2025 still have many potential difficulties. Specifically, in the report dated February 14, 2025, the Singapore Ministry of Trade and Industry (MTI) maintained the official forecast for GDP growth for the whole year of 2025 from 1% to 3%. The wide forecast range shows that MTI assesses that 2025 will still have many uncertainties with risks that can negatively impact the investment, trade and global supply chain shift situation.
Trade tensions between major economies, along with the risk of escalating geopolitical conflicts, could increase production costs as well as uncertainty in global economic policy.
In addition, a disruption in the global disinflationary process could lead to longer-term tightening of financial conditions, potentially causing instability in the banking and financial systems.
Against this backdrop, Singapore’s manufacturing and trade-related services sectors are expected to continue growing in 2025, although the growth rate may slow compared to 2024.
This is a fairly wide growth forecast range, showing that the Singapore Government is still very cautious in assessing that negative factors are likely to persist.
In that context, Mr. Cao Xuan Thang emphasized that in order to maintain growth momentum, industry associations and businesses need to closely monitor developments in the locality, especially new policies and regulations on product quality standards; innovate management methods and digital transformation in enterprises to reduce production costs and increase competitiveness; strengthen trade promotion activities, participate in displaying goods at international fairs and exhibitions to increase the presence of Vietnamese goods, promote products, and promote Vietnamese brands to local consumers./.
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