Business

Vietnam – Singapore trade posts strong growth in H1

Bilateral trade reached 19.5 billion SGD (15.3 billlion USD) in the first six months, up 28.5% year-on-year, positioning Vietnam as the city state’s 10th largest trading partner.

Cargo handling at Pasir Panjang Port in Singapore. (Photo: AFP/VNA)
Cargo handling at Pasir Panjang Port in Singapore. (Photo: AFP/VNA)

Singapore (VNA) – Trade relations between Vietnam and Singapore saw robust growth in the first half of 2025, statistics show.

Bilateral trade reached 19.5 billion SGD (15.3 billlion USD) in the first six months, up 28.5% year-on-year, positioning Vietnam as the city state’s 10th largest trading partner, according to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.

Singapore’s exports to Vietnam totalled 13.9 billion SGD, up 24.4%, while imports from Vietnam amounted to 5.5 billion SGD, up 40.1%.

In June alone, bilateral trade hits 3.2 billion SGD, marking a 30.4% rise compared to June 2024. Singapore’s exports to Vietnam were valued at 2.2 billion SGD, up 22.8%, and imports at 993.6 million SGD, up 51.9%. Its domestically manufactured goods shipped to Vietnam were worth 608.5 million SGD, while temporary imports for re-export to the latter stood at 1.6 billion SGD, respectively rising 26.3% and 21.5%.

For the first half of 2025, Singapore’s domestically produced exports to Vietnam approximated 3.9 billion SGD, up 13.4%, and re-exports reached 10.1 billion SGD, up 29.2%. Singapore recorded a trade surplus of 8.4 billion SGD with Vietnam, an increase of 15.9% from the same period in 2024.

Among exports to Vietnam, HS 85 (electrical machinery, equipment, and parts) and HS 27 (fuels, mineral oils, and related products) remained the top two categories during the reviewed period, with a combined value of 9.5 billion SGD, accounting for 68.3% of Singapore’s total shipments to Vietnam. HS 85 brought in 7.2 billion SGD, up 30.1%, while HS 27 contributed 2.3 billion SGD, up 24.7%.

On the import side, HS 85 was also Singapore’s top import category from Vietnam, valued at 2.7 billion USD, up 80.7%, accounting for 49.8% of all imports from Vietnam.

Vietnamese Trade Counsellor in Singapore Cao Xuan Thang notes that Vietnam’s sustained position as a top trading partner reflects deepening economic ties and lays a foundation for new cooperation opportunities in the areas of mutual interest such as supply chain integration, halal market access, and green and digital initiatives./.

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