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According to the Vietnam Trade Office in Singapore, in 2024, the import-export turnover between Vietnam and Singapore reached a record high, surpassing SGD 31.67 billion, recording a growth of 9.49% over the same period in 2023. This significant increase reflects the sustainable and growing economic cooperation between the two countries.
Vietnam is currently Singapore’s 11th largest trading partner. According to the Vietnam Trade Office in Singapore, citing statistics from the Singapore Enterprise Authority, in December 2024, Singapore’s total import-export turnover with the world reached nearly SGD 116.28 billion, an increase of 18.98% over the same period in 2023. Of which, exports reached more than SGD 60.14 billion, an increase of 14.61%, and imports reached more than SGD 56.13 billion, an increase of 24.05%.
In 2024, Singapore’s import-export turnover with the world will reach more than SGD 1,285.86 billion, up 6.65% compared to 2023. Exports will reach nearly SGD 674.5 billion (up 5.65%) and imports will reach nearly SGD 611.36 billion (up 7.76%). Of which, Vietnam is Singapore’s 11th largest trading partner, with two-way trade turnover reaching more than SGD 31.67 billion, up 9.49%.
In December 2024, the total import-export turnover between Vietnam and Singapore reached more than SGD 3.06 billion, an increase of 19.24% over the same period in 2023. Exports from Vietnam to Singapore reached SGD 781.17 million (up 18.98%), while imports reached more than SGD 2.28 billion (up 19.33%).
In the whole year of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than SGD 31.67 billion, an increase of 9.49% over 2023. Exports increased by 30.8%, reaching nearly SGD 8.58 billion, while imports reached more than SGD 23.09 billion, an increase of 3.24%.
In December 2024, goods originating from Singapore exported to Vietnam reached more than SGD 694.77 million, up 52.9%, while goods from third countries via Singapore exported to Vietnam reached more than SGD 1.59 billion, up 8.9%. Vietnam had a trade surplus of more than SGD 86.4 million if only considering the trade balance between Vietnamese goods and goods originating from Singapore.
Overall, 2024 witnessed impressive growth in Vietnam’s exports to Singapore, with 10/12 months having growth rates of over 15%. Total two-way trade turnover reached SGD 31.67 billion, the largest value ever. If only considering the origin of goods, Vietnam had a trade surplus of about SGD 1.59 billion. Export groups from Vietnam to Singapore such as electronic equipment, machinery, glass, rice, seafood, and animal and vegetable oils all grew strongly.
Although the 2024 results are very positive, economists are still cautious when assessing the 2025 outlook, especially the impact of geopolitical competition factors between major economies.
