Record Trade Figures in 2024

In an unprecedented achievement, Vietnam and Singapore have reached a record high in bilateral trade for the year 2024. December alone witnessed trade values surpassing S$3.06 billion, indicating a 19.24% increase compared to the previous year.

Annual Trade Overview

Throughout the year, Vietnam's exports to Singapore soared to nearly S$8.58 billion, marking a significant 30.8% rise. Imports also saw a growth of 3.24%, totaling over S$23.09 billion. This remarkable performance led to a 9.49% overall increase in bilateral trade compared to 2023.

Key Exports and Trade Surplus

Vietnam's key exports such as electronics, machinery, and glass remained strong, while agricultural products like rice, seafood, and vegetable oils experienced notable growth. The country achieved a trade surplus of approximately S$1.59 billion in 2024, as per data from Enterprise Singapore.

Future Prospects and Challenges

Despite the positive outcomes, economic experts in Singapore express caution regarding the 2025 outlook due to potential geopolitical tensions among major economies. Cao Xuân Thắng, head of the Vietnam Trade Office in Singapore, highlighted ongoing efforts to facilitate the entry of Vietnamese poultry meat and eggs into the Singaporean market.