Vietnam posts a trade surplus of SGD 4.88 billion with singapore

According to the Vietnam Trade Office in Singapore, citing statistics from Accounting and Corporate Regulatory Authority (ACRA), total bilateral trade between Singapore and Vietnam reached SGD 2.9 billion in November 2025, up 15.8% year on year. Of this, Singapore’s exports to Vietnam amounted to SGD 1.8 billion, up 0.1%, while imports from Vietnam totaled SGD 1.1 billion, surging 55.2%.

Within Singapore’s exports, domestically produced goods shipped to Vietnam were valued at SGD 450.3 million, down 13.4%, while re-exports (entrepôt or transshipment trade) reached SGD 1.4 billion, up 5.6%. 

In 11 months of 2025, total trade between Singapore and Vietnam reached SGD 36 billion, up 25.7% from the same period in 2024. Singapore’s exports to Vietnam stood at SGD 24.5 billion, up 17.7%, while its imports from Vietnam reached SGD 11.5 billion, up a strong 47.2%.

In Singapore’s exports to Vietnam during this period, domestically manufactured goods accounted for SGD 6.6 billion, up 4.8%, while re-exports amounted to SGD 17.9 billion, up 23.3%.

Based purely on gross export - import figures, Singapore recorded a trade surplus of about SGD 13 billion with Vietnam, broadly unchanged from the same period in 2024. However, re-exports accounted for a large share SGD 17.9 billion out of the total SGD 24.5 billion, or more than 73% of Singapore’s exports to Vietnam.

When considering only goods of Singaporean origin and Vietnamese origin, Vietnam posted a trade surplus of SGD 4.88 billion with Singapore in 11 months of 2025.

Key export commodities between the two countries

On the export side, in 11 months of 2025, machinery and electrical equipment and parts (HS 85), along with mineral fuels, oils and products of their distillation; bituminous substances; mineral waxes (HS 27), remained the two largest export categories from Singapore to Vietnam.

The combined export value of these two groups reached SGD 16.5 billion, accounting for 67.5% of Singapore’s total exports to Vietnam over the period. Both categories recorded solid growth: exports of machinery and electrical equipment and parts (HS 85) rose to SGD 12.8 billion, up 28.2% year on year, while exports of fuels and petroleum products (HS 27) reached SGD 3.7 billion, up 14.2%.

Despite their similar weight in overall trade, the nature of Singapore’s exports in these two categories differs markedly. Machinery and electrical equipment (HS 85) largely consists of re-exports from third countries, with re-exported goods accounting for 96.8% of shipments to Vietnam. By contrast, fuels and petroleum products (HS 27) are predominantly produced domestically in Singapore, with locally produced goods accounting for as much as 99% of export value to Vietnam.

Beyond these two leading categories, several other product groups stood out among the top 15 export categories from Singapore to Vietnam in 11 months of 2025, either for their sizable value or notable growth. These included nuclear reactors, boilers, machinery and mechanical appliances and parts (HS 84), which reached SGD 2.0 billion, up 39.1%; plastics and articles thereof (HS 39), at SGD 929.8 million, down 9.5%; and essential oils, perfumes, cosmetics and toilet preparations (HS 33), at SGD 553.7 million, down 8%.

On the import side, machinery and electrical equipment and parts (HS 85) remained the largest category imported by Singapore from Vietnam, with a value of nearly SGD 5.9 billion in 11 months of 2025, an increase of 105.5% year on year, accounting for 51.9% of Singapore’s total imports from Vietnam.

The second and third-largest import categories were nuclear reactors, boilers, machinery and mechanical appliances and parts (HS 84), at SGD 2.7 billion, up 68.3%, and glass and glassware (HS 70), at nearly SGD 774.4 million, up 3.1%.

Among the remaining categories in the top 15 import groups from Vietnam, most recorded year-on-year declines, with only three posting positive growth: fish and crustaceans, molluscs and other aquatic invertebrates (HS 03), at SGD 112.6 million, up 13.3%; optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus and parts (HS 90), at SGD 103.3 million, up 29.8%; and beverages, spirits and vinegar (HS 22), at SGD 45.5 million, up 23.9%.

To sustain export growth to the Singapore market, the Vietnam Trade Office in Singapore advises Vietnamese enterprises to continue maintaining high product quality throughout the entire production chain from input materials such as seedlings, livestock, fertilizers, soil quality and water sources to harvesting, processing, preservation, packaging and logistics. At the same time, businesses are encouraged to improve product design and packaging, apply advanced technologies and modern machinery to ensure stable output and quality, reduce production costs, and safeguard the reputation of their brands, their enterprises and Vietnam’s national brand in global markets.

Overall, in 11 months of 2025, Vietnam - Singapore trade relations continued to flourish, with both exports and imports posting strong growth. Vietnam maintained its position as Singapore’s 10th-largest trading partner, with total bilateral trade reaching nearly SGD 36 billion, up 25.7% from the same period in 2024 and 13.56% higher than the full-year figure for 2024 (SGD 31.67 billion). This represents the highest level of bilateral trade recorded to date.