Việt Nam-Singapore trade surges in July

SINGAPORE — The total import-export turnover between Vietnam and Singapore surged 20.91% year-on-year to more than 3.1 billion SGD (USS$about 2.3 billion) in July, according to the Vietnam Trade Office in Singapore.

Producing household appliances at a factory of Panasonic Life Solutions Vietnam Co. Ltd in Vietnam-Singapore Industrial Park (VSIP) in Tân Uyên township, Bình Dương province. — VNA/VNS Photo

Notably, Việt Nam’s exports to Singapore increased 36.25% to 763.9 million SGD, while import turnover went up 16.7% to over 2.38 billion SGD.

The country maintained its position as Singapore’s 12th largest trading partner, with two-way trade turnover exceeding 18.32 billion SGD during the January-July period, up 9.02% over the same period in 2023, the office said.

Việt Nam’s three main export groups to Singapore in July posted growth, including machinery, equipment, phones and components and spare parts up 22.86%, reactors, boilers, machine tools and equipment, spare parts of these machines up 68.21%, and glass and glass products up 94.61%.

Strong growth was also recorded in other export groups such as iron and steel, representing a more than 12-fold rise, while optical machines, measuring instruments, medical equipment, watches, musical instruments, and accessories of all kinds also saw a three-fold increase.

Some commodities witnessed revenue declines, namely paper and paper products (down 35.86%) and garments (down 23.65%).

Regarding imports from Singapore, 16 out of 21 groups of commodities experienced positive growth, including machinery, equipment, mobile phones, components and spare parts of all kinds (up 30.84%); reactors, boilers, machine tools and equipment and spare parts of those machines (up 53.28%), along with petrol, oil and petroleum products (up 1.05%).

Commercial Counsellor Cao Xuân Thắng, Head of the Vietnam Trade Office in Singapore, said that to better support Vietnamese enterprises in the coming time, the office will continue to update the latest policies of the island country, provide assistance to Vietnamese enterprises in trade promotion activities and increase the presence of Vietnamese goods in the city-state.

Working delegations from Singapore will get support to find sources of goods as well as promote industrial, trade and service investment in Việt Nam, he added.— VNA/VNS