Trade between Vietnam and Singapore hit a record high in the first 11 months of the year, reaching S$36 billion (US$27.8 billion) and marking a 25.7% increase from the same period last year.
The figure already exceeds the S$31.67 billion recorded for the whole of 2024 by 13.56%, with Vietnam continuing to rank as Singapore's 10th largest trading partner.
Data cited by the Vietnam Trade Office in Singapore, based on figures from the Accounting and Corporate Regulatory Authority, showed that bilateral trade in November alone amounted to S$2.9 billion, up 15.8 per cent year-on-year.
Singapore's exports to Vietnam in November totalled S$1.8 billion, inching up 0.1% from a year earlier, while imports from Vietnam surged 55.2% to S$1.1 billion. Domestically manufactured exports were valued at S$450.3 million, a decline of 13.4%, while re-exports rose 5.6% to S$1.4 billion.
From January to November, Singapore's exports to Vietnam climbed 17.7% to S$24.5 billion, while imports jumped 47.2% to S$11.5 billion. Domestically produced exports increased 4.8% to S$6.6 billion, while re-exports surged 23.3% to S$17.9 billion.
In accounting terms, Singapore posted a trade surplus of about S$13 billion with Vietnam during the period, similar to last year. However, when only goods originating from Singapore and Vietnam are considered, Vietnam recorded a trade surplus of S$4.88 billion, as re-exports made up more than 73% of Singapore's exports to Vietnam.
Machinery and electrical equipment, together with mineral fuels and related products, remained Singapore's largest export categories to Vietnam, accounting for a combined S$16.5 billion or 67.5% of total exports. Machinery and electrical equipment also led Singapore's imports from Vietnam, more than doubling year-on-year to nearly S$5.9 billion.
Vietnam's Trade Counsellor in Singapore, Cao Xuan Thang, said that while Singapore's economic growth may slow in 2026 compared with 2025, Vietnamese exporters can sustain growth by maintaining product quality, improving design and packaging, adopting technology to boost efficiency, and safeguarding brand reputation in this key trans-shipment market.
