Total import-export turnover between Vietnam and Singapore in May reached nearly SGD4.5 billion (nearly $3.48 billion), a sharp increase of 42.1% compared to the same period in 2025, according to the latest statistics from Enterprise Singapore, cited by the Vietnam Trade Office in Singapore.
A significant reversal in trade dynamics was observed during this period. While Singapore's exports to Vietnam reached SGD2 billion ($1.55 billion)—a decrease of 11.8%, its imports from Vietnam witnessed a historic surge, reaching nearly SGD2.5 billion ($1.93 billion), representing a staggering 184.7% increase.
For the first five months of 2026, total bilateral trade hit an impressive SGD23.3 billion ($18 billion), up 43.4% year-on-year. Specifically, Singapore’s exports to Vietnam totaled SGD12.3 billion ($9.5 billion), a slight increase of 4.8%, while imports from Vietnam reached SGD11 billion, a breakthrough growth of 142.9%.
Regarding Singapore's exports to Vietnam, two commodity groups continued to maintain absolute dominance in the top two positions: "Electrical machinery and equipment and parts thereof" and "Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes." The combined value of these two groups reached SGD8.4 billion ($6.5 billion), accounting for 68.8% of Singapore's total export turnover to the Vietnamese market.
Conversely, the Vietnam Trade Office in Singapore noted that Vietnam maintained its position as Singapore's 10th largest trading partner during the first five months of 2026. A key highlight is that all three core commodity groups: electrical machinery and equipment; mineral fuels and distillates; and nuclear reactors, boilers, and mechanical appliances—consistently maintained very high positive growth in both export and import directions.
Commenting on this trend, Vietnam’s Commercial Counselor in Singapore, Mr. Cao Xuan Thang, affirmed: "The sustainable trade growth between Vietnam and Singapore is not merely a short-term increase in turnover. More broadly, it reflects the deepening integration and closer ties between the two economies within regional supply chains, particularly in high-value chains such as electronics, machinery, energy, and logistics services."
Assessing the overall landscape, Mr. Thang cited a report from Singapore’s Ministry of Trade and Industry (MTI) as stating that the island nation’s economy continues to maintain a positive growth momentum in 2026. However, the general market outlook is becoming increasingly cautious due to complex fluctuations in the external economic environment.
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