Vietnam-Singapore trade continues to flourish

Vietnam's trade relationship with Singapore continues to strengthen, with bilateral trade turnover reaching over SGD23.2 billion (nearly $17.6 billion) in the first nine months of 2024, a 6.83% increase compared to the same period in 2023.

Exports from Vietnam to Singapore have surged, reaching nearly SGD6.28 billion (nearly $4.8 billion) in the period, a significant 31.55% increase year-on-year. While imports from Singapore slightly decreased by 0.11%, the overall trade balance remains positive for Vietnam.

In September 2024, Vietnam's exports to Singapore continued their upward trend, growing by 35.23% year-on-year.

According to Mr. Cao Xuan Thang, Head of the Vietnam Trade Office in Singapore, the export value from Vietnam to Singapore in September continued its positive growth trend (35.23%), thereby maintaining a high growth rate of 31.55% for the nine-month period against the same period in 2023.

The Vietnam Trade Office in Singapore is committed to supporting Vietnamese businesses in expanding their presence in the Singapore market, said Mr. Thang. This includes providing updates on market conditions, facilitating trade connections, showcasing Vietnamese goods, and promoting corporate and product brands.

The office is also actively working to attract Singaporean delegations to Vietnam for sourcing goods and exploring investment opportunities in industry, trade, and services. Specific initiatives include promoting aquaculture products and meat and egg products in October and November 2024.