Vietnam-Singapore trade value hits SGD18.32 bln in 7M

The two-way trade revenue between Vietnam and Singapore reached SGD18.32 billion (over $14.4 billion) in the first seven months of the year, rising 9.02% compared to the same period of 2023, according to the Vietnam Trade Office in Singapore.

Of which, Vietnam’s exports to Singapore totaled over SGD4.7 billion (nearly $3.6 billion), representing a strong increase of 27.03% year-on-year.

Meanwhile, imports from Singapore were estimated at more than SGD13.61 billion (more than $10.4 billion), up 3.93% year-on-year.

In July alone, the export-import value between the two countries soared 20.91% to reach over SGD3.14 billion (more than $2.4 billion). Vietnam’s export turnover to Singapore was estimated at S$763.9 million (nearly $584.7 million), up 36.25% year-on-year.

Vietnam's three main export groups to Singapore in July posted growth, including machinery, equipment, phones and components and spare parts up 22.86%, reactors, boilers, machine tools and equipment, spare parts of these machines up 68.21%, and glass and glass products up 94.61%.

Strong growth was also recorded in other export groups such as iron and steel, representing a more than 12-fold rise, while optical machines, measuring instruments, medical equipment, watches, musical instruments, and accessories of all kinds also saw a three-fold increase.

As a result, Vietnam maintained its position as Singapore's 12th largest trading partner.