Vietnam is in the top 8 largest export markets of Singapore

Exports from Singapore to Vietnam will increase by nearly 25% in the first 5 months of 2025, bringing Vietnam to 8th place in the top export market group.

According to the latest data from the Corporate Regulatory Authority of Singapore, the total trade turnover between Singapore and Vietnam in the first 5 months of 2025 will reach more than SGD 16.23 billion, recording an increase of 28.07% over the same period in 2024. With this result, Vietnam has become Singapore's 10th largest trading partner.

Particularly in May 2025, the total two-way import and export turnover between the two countries will reach more than SGD 3.16 billion, up 27.76% compared to May last year. In which, exports from Vietnam to Singapore reached 869.3 million SGD (up 27.1%), while imports from Singapore to Vietnam reached nearly 2.3 billion SGD (up 28.02%).

Considering export activities from Singapore to Vietnam alone, the total turnover in the first 5 months of the year reached more than SGD 11.7 billion, up 24.7% over the same period. This achievement helps Vietnam rise 4 places, becoming Singapore's 8th largest export market – surpassing many traditional partners in the region.

In the opposite direction, imports of goods from Vietnam to Singapore also recorded impressive growth. The total import value in 5 months reached nearly 4.53 billion SGD, a sharp increase of 37.7%, bringing Vietnam to 14th place in the list of Singapore's import sources – up 5 places over the same period last year.

Considering the trade balance between the two countries alone, Singapore is having a trade surplus of about SGD 7.17 billion. However, if only considering the part of goods with actual origin from Singapore (excluding temporary imports for re-export from third countries), Vietnam has a trade surplus of about SGD 1.24 billion.

Specifically, in the structure of Singaporean goods exported to Vietnam, the majority (nearly 71.9% of the total turnover) are goods from third countries transited through Singapore, reaching about 8.4 billion SGD. Meanwhile, the value of goods originating from Singapore only reaches more than 3.3 billion SGD. Only this group, Vietnam is having a trade surplus of more than SGD 360 million in May and more than SGD 1.24 billion accumulated in 5 months.

Overall, in the first 5 months of the year, Singapore's import and export turnover with the world reached more than SGD 561.9 billion – up 6.09% over the same period in 2024. In which, exports reached more than SGD 298.17 billion (up 7.07%) and imports reached more than SGD 171.57 billion (up 3.46%).

Notably, Singapore's export turnover to major markets such as Hong Kong (China), Malaysia and Vietnam all recorded positive growth. Meanwhile, exports to China fell sharply by 21.68%, to S$30.54 billion.

On the import side, major partners such as Taiwan, China, the US and South Korea continue to play a key role. Vietnam also recorded significant progress when becoming Singapore's 14th largest import market – a jump from the 19th position of the same period last year.