Vietnam-Singapore bilateral trade continues to flourish

Vietnam - Singapore trade relations continue to flourish with export and import growth rates in July and the first 7 months of this year being quite positive.

Processing pangasius for export at Caseamex Joint Stock Company, Tra Noc Industrial Park ( Can Tho ).

Statistics from the Singapore Enterprise Authority show that in July alone, Singapore's total import-export turnover with Vietnam reached 3.6 billion SGD (equivalent to 2.8 billion USD), up 14.6% over the same period last year. Of which, Singapore's exports to Vietnam reached 2.4 billion SGD (equivalent to the same period last year) and imports from Vietnam reached 1.2 billion SGD, up 58.1%.

In Singapore's merchandise exports, the value of domestic product exports to Vietnam reached 708.1 million SGD, up 20.3%, while the value of temporary imports for re-export (transit) to Vietnam reached 1.7 billion SGD, down 5.9%.

In the first 7 months of the year, Vietnam continued to maintain its position as Singapore's 10th largest trading partner, with bilateral trade turnover reaching a total of SGD 23.1 billion, up 26.1% over the same period in 2024. Of which, exports to Vietnam reached SGD 16.3 billion (up 20.2%) and imports from Vietnam reached SGD 6.7 billion (up 43%).

According to Singapore, the country is currently enjoying a trade surplus of SGD 9.6 billion with Vietnam, up 8.2% over the same period last year. The value of domestic product exports to Vietnam reached nearly SGD 4.6 billion (up 14.4%), the value of temporary imports for re-export (transit) to Vietnam reached SGD 11.7 billion (up 22.7%). If only counting goods originating from Singapore and Vietnam, in the first 7 months of the year, Vietnam had a trade surplus of SGD 2.12 billion with Singapore.

Statistics also show that in the first 7 months of this year, the group of machinery, electrical equipment and parts (HS 85) continued to be the group of goods that Singapore imported the most from Vietnam, reaching 3.4 billion SGD, up 88.5% over the same period in 2024 and accounting for 50.5% of Singapore's total import value from Vietnam. Ranked 2nd and 3rd in terms of Singapore's import value from Vietnam were the groups: Nuclear reactors, boilers, machinery and mechanical equipment and parts (HS 84), reaching 1.5 billion SGD, up 85.6%; and glass and glass products (HS 70), reaching 494.3 million SGD, up 11.8%.

In addition to the above commodity groups, the remaining groups in the Top 15 main import groups of Singapore from Vietnam mostly recorded negative growth compared to the same period last year, except for the group Fish and crustaceans/mollusks/other aquatic invertebrates (HS 03), reaching 67.6 million SGD, up 12.1%; Optical/photographic/cinematographic/precision measuring/ medical or surgical instruments and apparatus and parts/accessories (HS 90), reaching 67.1 million SGD, up 33.6%; and natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and products; jewellery made of other materials; coins (HS 71), reaching 29.1 million SGD, up 171.4%.

According to Mr. Cao Xuan Thang, Vietnam Trade Counselor in Singapore, the fact that most of the bilateral trade between the two countries focuses on technology and fuel groups reflects the unique exchange structure of the two economies 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, developing new trade platforms and logistics.

baotintuc.vn

Source: https://baolaocai.vn/thuong-mai-song-phuong-viet-nam-va-singapore-tiep-tuc-khoi-sac-post880130.html