Politics · Vietnam Bureau
Vietnam-Singapore bilateral trade nearly doubles in nine-month period
Trade between Vietnam and Singapore has accelerated sharply in the first nine months of the year, with two-way commerce expanding 46.8%. Singapore's purchases from Vietnam have surged particularly dramatically, more than tripling the city-state's overall import growth rate.
LSN Vietnam ·
Singapore's imports from Vietnam jumped 123.2% to reach 19.4 billion Singapore dollars during the nine-month period, significantly outpacing the growth trajectory of its total imports, which expanded 35.7% over the same timeframe.
The surge reflects Vietnam's rising importance as a trade partner for Singapore. Vietnamese goods now account for 3% of Singapore's total imports, up from 1.8% previously, underscoring a substantial shift in trade composition as businesses seek diversified sourcing options in Southeast Asia.
The expanding trade relationship extends beyond merchandise flows. Vietnam and Singapore have been strengthening cooperation through multiple channels, including party-to-party dialogue mechanisms that facilitate high-level political and economic engagement. The two nations have also been advancing capital market connectivity initiatives and expanding workforce training programs in the semiconductor sector, positioning themselves for deeper integration in critical industries.
The bilateral momentum reflects broader regional trends as Vietnam continues to attract manufacturing investment and consolidate its position in regional supply chains, while Singapore leverages its role as a financial hub to deepen economic ties with growing Southeast Asian economies.
Photo: Container terminals at the Port of Singapore, December 2018. Aaaatu via Wikimedia Commons (CC BY-SA 4.0).