Vietnam – Singapore Trade: Recording Strong Progress

Trade activities between Vietnam and Singapore in the first 10 months of 2025 recorded strong progress, setting a new record in two-way turnover, reaching 33 billion SGD. This result not only reflects the regional economic resilience after global fluctuations but also shows the depth of the connection between the two dynamic economies of ASEAN.

Singapore’s exports maintain strong growth momentum

According to the Vietnam Trade Office in Singapore, the total bilateral trade turnover between Vietnam and Singapore in the first 10 months of 2025 reached 33 billion SGD (equivalent to 25.3 billion USD), an increase of 26.7% over the same period in 2024. This figure exceeds the record of 31.67 billion SGD of the previous year and helps Vietnam maintain its position as Singapore’s 10th largest trading partner.

In terms of exports, Singapore reached SGD 22.7 billion to Vietnam, up 19.4%, while imports from Vietnam reached SGD 10.4 billion, up sharply by 46.4%. In October 2025 alone, the total turnover reached SGD 3.9 billion, up 36.8%; of which Singapore exported to Vietnam SGD 2.2 billion (up 8.2%), and imported SGD 1.7 billion (up 109.3%). In terms of goods originating from the two countries alone, Vietnam is having a trade surplus of nearly SGD 4.22 billion.

Key commodity groups continue to lead export growth. Two groups include: machinery, electrical equipment and parts (HS 85) and fuel, petroleum and distillate products, containing bitumen, mineral wax (HS 27) reaching SGD 15.4 billion, accounting for 68.1% of Singapore’s export turnover to Vietnam.

Of which, HS 85 group reached 11.9 billion SGD, up 28.8%, continuing to affirm its position as a pillar in the regional electronics supply chain. HS 27 group reached 3.5 billion SGD, up 18.2%, showing stable demand for energy and input materials for production in Vietnam.

In addition to the two main groups, some groups in the top 15 also recorded remarkable developments: HS 84 (Nuclear reactors, boilers, machinery and mechanical equipment) reached 1.8 billion SGD, up 46.9%; HS 39 (Plastics and plastic products) reached 843.6 million SGD, down 6.6%; HS 33 (Essential oils, perfumes, cosmetics) reached 499 million SGD, down 9.3%.

Vietnamese goods to Singapore accelerate impressively

On the other hand, Singapore imported the most from Vietnam in the group: machinery, electrical equipment and parts (HS 85), reaching nearly SGD 5.4 billion, up 106.7% and accounting for 51.9% of total imports. This result shows that Vietnam’s electronics industry is increasingly maturing in the global production and assembly chain.

HS 84 group (Nuclear reactors, boilers, mechanical equipment) ranked second, reaching SGD 2.4 billion, up 64.2%; followed by Glass and glass products (HS 70) reaching SGD 712.8 million, up 5.5%.

Although many groups recorded negative growth, three groups still maintained a stable growth momentum and created a bright spot in Singapore’s import structure from Vietnam. Specifically, HS 03 group (Fish and crustaceans/mollusks…) reached 101.9 million SGD, up 14.8%; HS 90 group (Optical – photographic – measuring – medical equipment) reached 96.5 million SGD, up 29.6%; HS 22 group (Beverages, wine, vinegar) reached 40.7 million SGD, up 23.6%.

This development shows that Vietnamese goods are continuing to expand their presence in Singapore, not only in the industrial group but also in high value-added consumer goods. This reflects a significant improvement in product quality, production capacity and the ability to meet market standards in the region’s demanding group.

Along with the increase in trade, the two countries have signed a sustainable rice trade agreement, a strategic step in cooperation. For the Singaporean market, this is a solution to increase food security stability, especially in the context of many fluctuations in the global supply chain. For Vietnam, the agreement expands a stable consumption channel for the rice industry, while improving its position in exporting high-quality agricultural products.

The trade picture for the first 10 months of 2025 shows that the Vietnam – Singapore relationship is entering a period of sustainable and extensive development. The complementarity in commodity demand between the two economies, combined with new cooperation commitments, is a solid foundation for bilateral trade to continue to grow in the coming years.

This is also a testament to Vietnam’s increasingly important role in the ASEAN economic structure and regional supply chain.

Source: Haiquanonline