ANN/VIETNAM NEWS – Vietnam’s trade with Singapore surged to a record high in 2024, exceeding SGD31.67 billion (approximately USD23.5 billion).
The robust growth continued into December, with trade surpassing SGD3.06 billion, marking a 19.24-per-cent increase compared to the same month in the previous year.
For the full year, Vietnam’s exports to Singapore totalled nearly SGD8.58 billion, marking a 30.8 per cent rise. Meanwhile, imports grew by 3.24 per cent to over SGD23.09 billion.
It resulted in a 9.49-per-cent overall increase in bilateral trade compared to 2023.
Vietnam’s exports to Singapore showed strong growth throughout the year, with 10 months posting increases of over 15 per cent. This impressive performance played a major role in achieving the record-setting trade figure.
Data from Enterprise Singapore indicates that Vietnam achieved a trade surplus of approximately SGD1.59 billion in 2024. Key exports such as electronics, machinery, and glass remained robust, while agricultural goods like rice, seafood, and vegetable oils experienced significant growth.
In 2024, Vietnam was Singapore’s 11th-largest trade partner and 10th-largest export market.
Despite these positive results, head of the Vietnam Trade Office in Singapore Cao Xuan Thang noted that economic experts in Singapore remain cautious about 2025 prospects due to potential geopolitical tensions among major economies.
He also mentioned that the office is working to facilitate the entry of Vietnamese poultry meat and eggs into the market.
