Vietnam - Singapore trade continues to grow

According to a VNA correspondent in Singapore, in the first nine months of 2025, Vietnam-Singapore trade relations continued to flourish with both export and import growth rates being positive. Vietnam continued to maintain its 10th position among Singapore's trade partners.

Transporting goods at Pasir Panjang port in Singapore. Photo: AFP/TTXVN

The Vietnam Trade Office in Singapore cited statistics from the Singapore Enterprise Authority showing that in September 2025 alone, Singapore's total import-export turnover with Vietnam reached 3.2 billion SGD (nearly 2.47 billion USD), an increase of 46.7% over the same period in 2024, of which Singapore's exports to Vietnam reached 2.2 billion SGD, an increase of 45.3% and imports from Vietnam reached 1 billion SGD, an increase of 49.9%.

In the first nine months of this year, Singapore's total import-export turnover with Vietnam reached 29.1 billion SGD, up 25.5% over the same period last year, of which Singapore's exports to Vietnam reached 20.5 billion SGD, up 20.7%, and imports from Vietnam reached 8.6 billion SGD, up 38.3%.

In Singapore's merchandise exports, the value of domestically produced products exported to Vietnam reached SGD 5.6 billion, up 10.6%, the value of temporary imports for re-export (transit) to Vietnam reached SGD 14.9 billion, up 25%. Thus, if only considering goods originating from Singapore and goods originating from Vietnam, in the first 9 months of 2025, Vietnam had a trade surplus of nearly SGD 3.1 billion.

In the first nine months of the year, Electrical machinery, equipment and parts (HS 85) and Fuels, petroleum and distillates; bituminous substances; mineral waxes (HS 27) continued to be the first and second groups of goods exported from Singapore to Vietnam.

The total export value of these two groups reached 14 billion SGD, accounting for 68.4% of Singapore's total export value to Vietnam in the first 9 months of the year. These two groups are also witnessing a fairly good growth rate, specifically: HS 85 group has an export value to Vietnam of 10.8 billion SGD, an increase of 28.4% over the same period in 2024; HS 27 group reached 3.2 billion SGD, an increase of 26.7%.

Although both groups account for a high proportion, the nature of Singapore's exports to Vietnam for these two groups is quite different. If the HS 85 group has a temporary import and re-export rate from a third country of up to 97.2%, the HS 27 group is mainly produced in Singapore, with the proportion of domestic value in exports to Vietnam accounting for up to 99%.

In addition to the above two groups, in the top 15 main export groups of Singapore to Vietnam in the first 9 months of 2025, there are a number of other groups notable in terms of export value such as Nuclear reactors, boilers, machinery and mechanical equipment and parts (HS 84) reaching 1.6 billion SGD; Plastics and plastic products (HS 39) reaching 768.7 million SGD; and Essential oils, perfumes, cosmetics or cleaning preparations (HS 33), reaching 438.6 million SGD.

Regarding imports, in the first 9 months of this year, the HS 85 group continued to be the group of goods with the highest import value that Singapore imported from Vietnam, reaching nearly 4.4 billion SGD, up 85.7% over the same period in 2024 and accounting for 50.2% of Singapore's total import value from Vietnam. The second and third places in terms of Singapore's import value from Vietnam were the HS 84 group, reaching 2.1 billion SGD, up 73.6%; and the Glass and glass products group (HS 70), reaching nearly 627 million SGD, up 4.3%.

The remaining groups in the Top 15 main import groups of Singapore from Vietnam mostly recorded negative growth compared to the same period in 2024, with only three groups recording positive growth: Fish and crustaceans/mollusks/other aquatic invertebrates (HS 03), reaching SGD 88.6 million, up 14.5%; Optical/photographic/cinematographic/precision measuring/ medical or surgical instruments and apparatus and parts/accessories (HS 90), reaching SGD 86 million, up 31.2%; and Beverages, spirits and vinegar (HS 22), reaching SGD 25.7 million, up 25.7%.

According to Mr. Cao Xuan Thang, Vietnam Trade Counselor in Singapore, to maintain the growth momentum of Vietnamese goods exports to Singapore, Vietnamese enterprises need to continue to strengthen trade promotion activities, participate in exhibitions and fairs to increase the presence of goods in the area, promote product brands - business brands; improve product designs, and at the same time convert technology, machinery and equipment to ensure stable product quality, stabilize output, reduce costs, and increase competitiveness in the international market.

Source: https://baotintuc.vn/kinh-te/thuong-mai-viet-nam-singapore-tiep-tuc-da-tang-truong-20251022132453673.htm