The Vietnamese trade office in Singapore serves as an "extended arm" for Vietnamese businesses to bring their goods into the market and to cooperate and invest with businesses in Singapore.
Functions and responsibilities of the Vietnam Trade Office in Singapore
The Vietnam Trade Office in Singapore is a specialized agency under the Ministry of Industry and Trade and is part of the organizational structure of the Representative Offices of the Socialist Republic of Vietnam abroad.
The Trade Office is responsible for representing and protecting the interests of Vietnam, Vietnamese businesses, and individuals in economic , trade, industrial, and investment development relations with countries, territories, and international organizations; and supporting Vietnam's trade promotion activities in the Singapore market.
The Vietnam Trade Office in Singapore was established and began operations in 1973.
Opportunities to expand trade
After more than 50 years of establishing diplomatic relations (1973-2024), especially more than 10 years of the Vietnam-Singapore Strategic Partnership (2013-2024), the relationship between Vietnam and Singapore continues to develop strongly in both breadth and depth; in particular, economic and trade cooperation has always been a highlight in the relationship between the two countries.
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| Ribbon-cutting ceremony for the Vietnam Pavilion at the Seafood Expo Asia 2024 on September 4, 2024, at MBS Singapore. Photo: Moit |
Furthermore, both Vietnam and Singapore are members of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), and both sides have been promoting their participation in FTAs to enhance cooperation and contribute to the economic development of each country as well as the region.
Since 1996, Singapore has consistently been one of Vietnam's largest trading partners. Bilateral trade turnover has increased year by year.
Singaporean direct investment in Vietnam has been steadily increasing since 1998. The Vietnam-Singapore Industrial Park (VSIP) has become a symbol of Vietnam-Singapore relations and is being expanded towards a green, high-tech, and innovative industrial park.
Furthermore, both Vietnam and Singapore are influential members of ASEAN, playing a significant role in multilateral forums as well as on the international stage.
Furthermore, Vietnam and Singapore have closely coordinated with each other in multilateral organizations and forums such as the United Nations, ASEAN, the Asia-Pacific Economic Cooperation (APEC) Forum, the Asia-Europe Cooperation Forum (ASEM), the World Trade Organization (WTO), and on regional and international issues of mutual interest.
Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnamese Trade Office in Singapore, stated that Singapore is a relatively small consumer market but is home to many multinational companies and serves as a major information, trade, finance, and logistics hub for the region and the world. Furthermore, Singapore is a major international air transit hub and a crucial gateway for Asia in general and Southeast Asia in particular, including Vietnam.
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| Promoting Vietnamese products in the Singapore market is one of the key objectives of the deal. Photo: Moit |
According to statistics from the Singapore Enterprise Agency, after 11 months of 2024, Vietnam ranked as Singapore's 11th largest trading partner, with bilateral trade exceeding SGD 28.6 billion, an increase of 8.53%. Vietnam was Singapore's 18th largest import market with a value of nearly SGD 7.8 billion (an increase of 32.11%).
In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased by 16.61%, reaching over 520.2 million SGD; goods from third countries via Singapore to Vietnam (accounting for 71% of export turnover) decreased by 3.95%, reaching over 1.29 billion SGD. If only considering the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam had a trade surplus of over 196.9 million SGD.
In the first 11 months of 2024, bilateral trade between Vietnam and Singapore reached over SGD 28.6 billion, an increase of 8.53% compared to the same period in 2023. Exports increased sharply by 32.11%, reaching nearly SGD 7.8 billion, while imports exceeded SGD 20.8 billion, an increase of 1.72%.
In terms of origin, goods temporarily imported and re-exported via Singapore to Vietnam account for nearly 69.74% of the total value of goods exported from Singapore to Vietnam, equivalent to SGD 14.5 billion. If considering only goods originating from Singapore, Vietnam has a trade surplus of approximately SGD 1.5 billion.
Regarding export sectors from Vietnam to Singapore, in November 2024, all three key export groups from Vietnam to Singapore continued to experience very strong, even dramatic, growth: Machinery, equipment, mobile phones, components and spare parts (up 52.57%); reactors, boilers, machine tools and equipment and spare parts for these machines (up 95.93%); glass and glass products (up 77.98%). Several other export sectors also saw very strong growth, such as: Toys, game equipment, sports equipment and tools (up over 138%); aluminum and aluminum products (up over 89.79%)...
Regarding import categories from Singapore to Vietnam, November showed strong growth in two of the three main import groups: reactors, boilers, machine tools and spare parts (up 36.54%) and petroleum and petroleum products (up 58.1%). Several other categories continued to experience sharp increases, such as lead and lead products (up 59 times), and alcoholic beverages (up 1.1 times)...
According to Mr. Cao Xuan Thang, Vietnam's export turnover to Singapore in November 2024 continued its positive growth trend (up 31.32%), thereby maintaining the 11-month growth rate of 32.11% compared to the same period in 2023.
Vietnam currently has the highest export growth rate to Singapore (32.11%); followed by Taiwan (China) with 26.7% and India (23.86%).
In 2025, with the global and regional economies projected to continue facing numerous new challenges, the Trade Office will continue to update information on the situation, mechanisms, and policies of the region; support Vietnamese businesses in connecting with trading partners, showcasing goods, promoting corporate and product brands, and increasing the presence of Vietnamese goods in the region. Simultaneously, it will support the export of goods to the Singapore market; and assist delegations from Singapore in sourcing goods, opening markets, and promoting industrial, commercial, and service investments in Vietnam.
| Vietnam Trade Office in Singapore Counselor: Cao Xuan Thang Address: No. 10 Leedon Park, Singapore 267887 Phone: +65 6468 3747 Fax: +65 6467 0458 Website: www.vntradesg.org |
Source: https://congthuong.vn/tong-quan-ve-thuong-vu-viet-nam-tai-singapore-367006.html
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