Vietnam-Singapore trade hits record high in 2024
Vietnam-Singapore trade hits record high in 2024
Việt Nam’s trade value with Singapore hit an all-time high in 2024, surpassing SG$31.67 billion (approximately US$23.5 billion).
Loading goods at the Gemalink port in Bà Rịa-Vũng Tàu province. In 2024, Việt Nam’s exports to Singapore totaled nearly SG$8.58 billion, marking a sharp 30.8 per cent rise. — VNA/VNS Photo |
In 2024, Việt Nam's trade value with Singapore reached an all-time high, exceeding SG$31.67 billion (approximately US$23.5 billion).
December alone saw this value surpass SG$3.06 billion, marking a 19.24 percent increase compared to the same month in the previous year.
For the full year, Việt Nam's exports to Singapore totaled nearly SG$8.58 billion, marking a significant 30.8 percent rise. Meanwhile, imports grew by 3.24 per cent to over SG$23.09 billion. This resulted in a 9.49 per cent overall increase in bilateral trade compared to 2023.
Việt Nam’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 Việt Nam achieved a trade surplus of approximately SG$1.59 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, Việt Nam was Singapore’s 11th-largest trade partner and 10th-largest export market.
Despite these positive results, Cao Xuân Thắng, head of the Việt Nam Trade Office in Singapore, 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.
