Vietnam maintains its position as the 10th largest trade partner in goods export to Singapore. (Source: VGP)

Notably, while Singapore's exports to Vietnam reached 3 billion SGD, a 13.6% increase, imports from Vietnam hit 1.6 billion SGD, a 100.5% surge. This is a positive signal in narrowing the trade balance and opens up prospects for a significant increase in Vietnamese goods exports to the Singaporean market this year.

Statistics from Singapore's business management agency show that the country had a trade surplus with Vietnam of nearly 1.4 billion SGD in January 2026, though this was a 24.6% decrease compared to January 2025. The value of domestically produced goods exported to Vietnam was 710.5 million SGD, a 6.4% decline, while re-exported goods reached 2.2 billion SGD, a 21.8% rise.

Machinery, electrical equipment and parts (HS 85) and fuels, petroleum, and distillation products; bituminous substances; mineral waxes (HS 27) remain the top two export categories to Vietnam, with a total export value of 2.2 billion SGD, accounting for 76.2% of Singapore's total exports to Vietnam in January.

However, the nature of exports in these two categories differs. While HS 85 primarily consists of re-exported goods with a share of 94.3%, HS 27 is mainly domestic exports, with a localization rate of 99.5%.

Additionally, other major export categories from Singapore to Vietnam in January 2026 included nuclear reactors, boilers, machinery, mechanical appliances, and parts (HS 84) with a total value of 166.9 million SGD, a 23.9% increase; plastics and articles thereof (HS 39) at 72 million SGD, an 11.6% decrease; and essential oils, perfumes, cosmetics, or toilet preparations (HS 33) at 57.4 million SGD, a 35.6% increase.

Regarding imports, in January 2026, HS 85 continued to have the highest import value from Vietnam, exceeding 657.8 million SGD, a 76.5% increase compared to the same period last year, accounting for 41.4% of the total import value from Vietnam.

This was followed by HS 84 (641.6 million SGD, a 333.8% increase) and glass and glassware (HS 70) with 77.2 million SGD, a 6.2% decrease.

Other categories included HS 27 (43.7 million SGD, a 385.1% increase); salt; sulfur; earths and stone; plastering materials, lime, and cement (HS 25, reaching 15.1 million SGD, a 54.4% increase); optical, photographic, cinematographic, measuring, precision, medical or surgical instruments and apparatus; parts and accessories (HS 90, reaching 9.5 million SGD, a 23.7% increase); articles of apparel and clothing accessories, not knitted or crocheted (HS 62, reaching 8.3 million SGD, a 2.1% increase); edible vegetables and certain roots and tubers (HS 07, nearly 4 million SGD, a 24.1% increase); and wood and articles of wood; wood charcoal (HS 44, nearly 4 million SGD, a 6.1% increase).

Mr. Cao Xuan Thang, Vietnam's Trade Counselor in Singapore, shared that the Vietnam Trade Office in Singapore has identified this year as the first year to implement the 5-year socio-economic development plan for the 2026-2030 period. They are closely following the action plan and domestic directives to carry out tasks from the beginning of the year.