Bắc Ninh
Vietnam-Singapore trade hits record high in 2024
Vietnam’s trade with Singapore hit an all-time high in 2024, surpassing 31.67 billion SGD (approximately 23.5 billion USD).
Vietnam’s exports to Singapore showed strong growth throughout the year, with 10 months posting increases of over 15%. This impressive performance played a major role in the record-setting trade figure.
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Laoding goods at the Gemalink port in Ba Ria-Vung Tau province. |
Data from Enterprise Singapore indicates that Vietnam enjoyed a trade surplus of about 1.59 billion SGD in 2024. Key exports such as electronics, machinery, and glass remained robust, while agricultural goods like rice, seafood, and vegetable oils saw significant growth.
In December alone, trade turnover between the two nations exceeded 3.06 billion SGD, reflecting a 19.24% year-on-year increase. For the full year, Vietnam’s exports to Singapore totaled nearly 8.58 billion SGD, marking a sharp 30.8% rise. Meanwhile, imports grew by 3.24% to over 23.09 billion SGD.
This resulted in a 9.49% overall increase in bilateral trade compared to 2023. Vietnam remained Singapore’s 11th-largest trade partner and 10th-largest export market in 2024.
Despite the positive results, Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, noted that economic experts in Singapore remain cautious about 2025 prospects due to potential geopolitical tensions among major economies.
The office is also working to help Vietnamese poultry meat and eggs enter the market, he said.
In 2024, Vietnam's rice exports set new records in both volume and value, solidifying the country's position as one of the world's top three rice exporters. Export volume reached an unprecedented 9 million tonnes, generating nearly 5.8 billion USD in revenue.
BAC GIANG - From the 6th position in the country in terms of export turnover value last year, by 2024, Bac Giang has risen to the 5th position in the country. Determined to maintain the growth momentum, at the beginning of this year, many export enterprises in the province have accelerated production and business, actively sought markets and signed many new orders.
Vietnam is emerging as a promising destination for Canada's manufacturing investments, particularly for those aiming to tap into the lucrative markets of the Association of Southeast Asian Nations (ASEAN) and the broader Asia-Pacific region.
Vietnam’s total import and export value in 2024 is estimated at 786.07 billion USD, a 15.4% increase compared to 2023, with a trade surplus of 23.75 billion USD, marking the highest level ever, according to General Director of Customs Nguyen Van Tho.
In 2024, the three largest export markets for Vietnamese agricultural, forestry, and fishery products continue to be the US, China, and Japan. The export prospects to these countries remain very promising for 2025.
Vietnam’s textile and garment export revenue has reached 44 billion USD in 2024, an impressive 11.26% increase compared to 2023. This achievement came despite numerous challenges, including market complexities. Building on this momentum, the industry has set an ambitious export target of 47–48 billion USD for 2025.
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