According to the Vietnam Trade Office in Singapore, statistics released by Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show that in January 2025, Singapore’s total import-export turnover reached over SGD 114.15 billion, up 6.75% year-on-year. Exports amounted to SGD 59.4 billion (+2.97%), while imports hit SGD 54.75 billion (+11.17%) compared to January 2024.
Singapore’s Trade Highlights
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In Singapore’s total exports, goods of domestic origin were valued at SGD 24.67 billion (-1.85%), while re-exportsfrom third countries stood at SGD 64.74 billion (+6.7%), accounting for 41.53% and 58.47%, respectively.
In January 2025, 9 out of 15 of Singapore’s key trading partners recorded positive growth. Notable increases came from Taiwan (+92.27%), the Philippines (+25.99%), and the UAE (+18.7%).
Taiwan, Malaysia, China, and the United States remained Singapore’s top four trading partners, with total trade values of SGD 14.9 billion, 13.2 billion, 12.8 billion, and 11.21 billion, respectively.
Vietnam Climbs to 9th Place in Singapore’s Trade Ranking
Vietnam rose to become Singapore’s 9th largest trading partner, with bilateral trade exceeding SGD 3.39 billion, marking a 16.83% increase.
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Vietnam’s exports to Singapore: SGD 794 million (+16.97%)
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Singapore’s exports to Vietnam: SGD 2.6 billion (+16.79%)
In Singapore’s import portfolio, Vietnam ranked 15th among its 20 largest suppliers, with imports worth SGD 794 million. Meanwhile, Vietnam was Singapore’s 8th largest export destination with SGD 2.56 billion (+16.79%).
Top Export and Import Sectors
Vietnam’s Major Exports to Singapore
Vietnam’s top three export groups maintained strong double-digit growth in January 2025:
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Machinery, equipment, mobile phones, and parts: +46.02%
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Reactors, boilers, and mechanical tools: +47%
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Glass and glassware products: +58.91%
Other fast-growing sectors included:
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Optical instruments, measuring devices, medical equipment, watches, and musical instruments: +60.77%
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Tobacco and substitutes: +52.87%
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Rice and cereals: +36.43%
Vietnam’s Major Imports from Singapore
All three of Vietnam’s main import categories from Singapore also recorded positive growth:
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Machinery, mobile phones, and electronic components: +9.33%
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Petroleum and oil-based products: +107.87%
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Reactors, boilers, and machine tools: +2.75%
Several other groups saw extraordinary growth, including zinc and zinc products (up 1.6 times) and pharmaceuticals (+96%).
Trade Balance
Among goods originating from Singapore, exports to Vietnam totaled SGD 759.19 million (+47.89%), while re-exports from third countries via Singapore to Vietnam reached SGD 1.84 billion, accounting for 71% of the total.
If considering only direct trade between the two countries, Vietnam enjoyed a trade surplus of approximately SGD 34.8 million.
Singapore’s Economic Outlook
According to Mr. Cao Xuan Thang, Vietnam’s Trade Counsellor in Singapore, the city-state’s trade activity in early 2025 continues to maintain the momentum from late 2024, with positive growth across total turnover, exports, and imports.
However, the Ministry of Trade and Industry (MTI), in its February 14, 2025 report, kept the country’s GDP growth forecast for 2025 unchanged at 1 – 3%, signaling potential global uncertainties and risks affecting trade and investment flows.
Key risks include:
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Escalating trade tensions among major economies and rising geopolitical conflicts that may disrupt global supply chains.
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Persistent inflationary pressures, which could prolong tight financial conditions and impact banking and financial stability.
Vietnam–Singapore Bilateral Trade: A Positive Outlook
Despite global uncertainties, bilateral trade between Vietnam and Singapore in January 2025 maintained robust growth across all indicators, helping Vietnam solidify its position as Singapore’s 9th largest trading partner, 8th largest export market, and 15th largest import partner.
To sustain this upward trend, Vietnamese enterprises and industry associations are encouraged to:
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Closely monitor policy changes and product quality regulations in Singapore;
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Accelerate digital transformation to reduce costs and enhance competitiveness;
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Strengthen trade promotion, participate in international exhibitions and fairs, and expand brand presence for Vietnamese products in Singapore’s market.