SINGAPORE — Bilateral trade between Vietnam and Singapore reached an all-time high in 2024, exceeding SG$31.67 billion (approximately US$23.5 billion), according to official data.
December saw trade value surpass SG$3.06 billion, a 19.24% increase compared to the same month in 2023. For the entire year, Vietnam's exports to Singapore surged by 30.8% to nearly SG$8.58 billion, while imports grew by 3.24% to over SG$23.09 billion, resulting in an overall 9.49% increase in bilateral trade compared to the previous year.
Vietnam's exports to Singapore demonstrated strong growth throughout 2024, with ten months recording increases exceeding 15%. This robust performance significantly contributed to the record-breaking trade figures.
Data from Enterprise Singapore reveals that Vietnam achieved a trade surplus of approximately SG$1.59 billion in 2024. Key exports such as electronics, machinery, and glass remained strong, while agricultural products like rice, seafood, and vegetable oils experienced significant growth.
In 2024, Vietnam solidified its position as Singapore's 11th-largest trade partner and 10th-largest export market.
Despite these positive results, Cao Xuân Thắng, head of the Vietnam Trade Office in Singapore, expressed cautious optimism regarding 2025 prospects due to potential geopolitical tensions among major economies.
The Vietnam Trade Office is actively working to facilitate the entry of Vietnamese poultry meat and eggs into the Singaporean market.
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