Vietnam-Singapore trade hits USD 7 billion in first four months of 2025

Trade between Vietnam and Singapore hit USD 7 billion in the first four months of 2025, marking a strong recovery in bilateral commerce. Machinery, electrical equipment, and fuels were the main contributors to the surge, according to Enterprise Singapore.

Singapore’s exports to Vietnam rose 23.9% year-on-year to nearly USD 6.96 billion, while Vietnam’s exports to Singapore increased 40.5%, reaching approximately USD 2.71 billion.

In April alone, two-way trade reached over USD 2.4 billion, nearly 31% higher than the same month in 2023. Vietnam’s shipments to Singapore surged 43% to USD 816 million, while Singapore’s exports rose 25.3% to USD 1.58 billion.

Despite recording a direct trade surplus of around USD 650 million, Vietnam remains a net importer overall when factoring in transit and entrepôt trade – areas where Singapore plays a dominant logistical role.

Machinery, electrical equipment, and fuels remained Singapore’s top outbound categories, comprising roughly USD 4.8 billion, or 70% of total exports to Vietnam. Of this, 97.9% of machinery and electronics were re-exported under temporary import schemes, while 99.4% of fuels originated from Singapore’s domestic production.

Several high-growth categories also emerged among Singaporean exports. Mechanical machinery reached USD 482 million, up 62.8%. Pharmaceutical exports more than doubled with a 115.6% jump, while plastics rose 15.6%.

Vietnamese exports likewise showed impressive momentum. Electrical machinery and equipment led at nearly USD 1.3 billion, up 78.5%, followed by mechanical machinery at USD 644 million - more than twice the level from a year earlier. Glass products posted a 31.2% rise to USD 216 million.

Additional Vietnamese export categories registered significant gains, including optical instruments (up 86.3%), seafood (up 14.8%), and precious stones and metals (up 238.3%).

Vietnam currently ranks as Singapore’s tenth-largest trading partner, according to Trade Counselor Cao Xuan Thang, who noted that bilateral trade continues to grow steadily despite global economic headwinds.

A May 22 report from Singapore’s Ministry of Trade and Industry cited the temporary 90-day tariff suspension between the United States and China as a positive development for global supply chains. However, the ministry maintained its 2025 GDP growth forecast at 0-2%, citing persistent risks such as inflation, financial instability, and tepid external demand.

While technical services in the aviation sector continue to expand, areas such as finance, insurance, IT, food services, and retail are showing signs of slowdown amid reduced consumer spending.

The Vietnam Trade Office in Singapore reiterated its commitment to supporting Vietnamese exporters through promotional campaigns, trade matchmaking, and brand-building initiatives to expand Vietnam’s presence in the Singaporean market.

In 2024, bilateral trade reached a record USD 23.5 billion, up 9.49% year-on-year. Vietnam’s exports jumped from USD 4.29 billion in 2023 to USD 6.35 billion in 2024 - an increase of 48%. Imports from Singapore also edged up 2.7%, from USD 16.65 billion to USD 17.1 billion.

With complementary trade structures and resilient logistics cooperation, the Vietnam-Singapore economic relationship is expected to maintain positive momentum into the second half of 2025.