Singapore - Vietnam trade turnover reaches SGD 4.5 billion

Citing statistics from Enterprise Singapore, the Vietnam Trade Office in Singapore reported that in January 2026, Vietnam was Singapore’s 10th largest trading partner, with bilateral trade turnover reaching SGD 4.5 billion (approximately USD 3.5 billion), up 33.9% compared to the same period in 2025.

Of the total, Singapore’s exports to Vietnam amounted to SGD 3 billion, an increase of 13.6%, while its imports from Vietnam reached SGD 1.6 billion, surging 100.5% year on year.

In addition, Singapore recorded a trade surplus with Vietnam of nearly SGD 1.4 billion in January 2026, down 24.6% compared to the same period in 2025.   

Top 15 export items of Singapore to Vietnam   

In January 2026, electrical machinery and equipment and parts (HS 85), along with mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS 27), remained the top two export categories from Singapore to Vietnam.

The combined export value of these two groups reached SGD 2.2 billion, accounting for 76.2% of Singapore’s total exports to Vietnam during the month. Specifically, exports of electrical machinery and equipment and parts (HS 85) to Vietnam totaled nearly SGD 1.9 billion, up 28% compared to the same period in 2024. Meanwhile, exports of mineral fuels and related products (HS 27) stood at SGD 384.8 million, down 28.5%.

Despite their large shares, the nature of Singapore’s exports to Vietnam in these two categories differs markedly. For electrical machinery and equipment (HS 85), up to 94.3% of the export value is attributed to temporary imports for re-export from third countries. In contrast, mineral fuels and related products (HS 27) are primarily produced domestically in Singapore, with domestic value accounting for 99.5% of exports to Vietnam.

Beyond these two leading groups, several other categories among the top 15 export items posted notable values or growth. Nuclear reactors, boilers, machinery and mechanical appliances and parts (HS 84) reached SGD 166.9 million, up 23.9%. Plastics and articles thereof (HS 39) recorded SGD 72 million, down 11.6%. Essential oils, perfumes, cosmetics and toilet preparations (HS 33) achieved SGD 57.4 million, up 35.6%.

Key import items of Singapore from Vietnam

On the import side, Enterprise Singapore’s statistics show that in January 2026, electrical machinery and equipment and parts (HS 85) remained the largest import category from Vietnam, with a value exceeding SGD 657.8 million, up 76.5% year on year and accounting for 41.4% 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), reaching SGD 641.6 million, up 333.8%, and glass and glassware (HS 70), totaling SGD 77.2 million, down 6.2%.

Other import categories posting positive growth within the top 15 included mineral fuels and related products (HS 27), at SGD 43.7 million, up 385.1%; salt; sulfur; earths and stone; plastering materials, lime and cement (HS 25), at SGD 15.1 million, up 54.4%; optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus and parts and accessories (HS 90), at SGD 9.5 million, up 23.7%; articles of apparel and clothing accessories, not knitted or crocheted (HS 62), at SGD 8.3 million, up 2.1%; and edible vegetables and certain roots and tubers (HS 07) as well as wood and articles of wood; wood charcoal (HS 44), both reaching nearly SGD 4 million, up 24.1% and 6.1%, respectively.

Cao Xuan Thang, Trade Counselor of Vietnam in Singapore, said 2026 marks the first year of implementing the five-year socio-economic development plan for the 2026 - 2030 period. Accordingly, the Vietnam Trade Office in Singapore will closely follow the action plan and directives of the Ministry of Industry and Trade to carry out its tasks from the very first weeks and months of 2026.