Two-way trade turnover between Vietnam and Singapore during the seven months of the year reached more than SGD18.32 billion, of which exports and imports increased sharply by 27.03% and 3.93% to more than SGD4.7 billion and SGD13.61 billion, respectively, according to the Vietnam Trade Office in Singapore.

July alone saw the total import-export turnover between the two counties surge by 20.91% on-year to reach more than SGD3.1 billion.

Most notably, the country’s exports to Singapore continued to achieve high growth of 36.25%, with a value of SGD763.9 million, while import turnover also rose by 16.7% to more than SGD2.38 billion.

Vietnam’s three main export commodity groups to Singapore experienced an upward trajectory, including machinery, equipment, mobile phones, components, and spare parts of all kinds, up 22.86%; reactors, boilers, machine tools, and equipment and spare parts of these machines, up 68.21%; and glass and glass products, up 94.61%.

Strong growth was also recorded in other export commodity groups such as iron and steel, representing a more than 12-fold rise, while optical machines, measuring instruments, medical equipment, watches, musical instruments, and accessories of all kinds also saw a three-fold increase.

Vietnam is currently Singapore's ninth largest export market with a turnover of more than SGD 13.61 billion, up 3.93%.

As a means of better supporting Vietnamese enterprises, the Vietnam Trade Office in Singapore will continue to update the latest policies in Singapore, provide assistance to Vietnamese firms in trade promotion activities, and develop their product brands in the coming time.

VOV