Vietnam’s trade and economic activities in 2024 showcased remarkable growth, particularly in its trade relationship with Singapore. This article outlines key trade figures, export achievements, and strategic developments that have positioned Vietnam as a significant player in the Southeast Asian region.
Trade Highlights
- Record Bilateral Trade
- Vietnam’s trade with Singapore surpassed S$31.67 billion (US$23.5 billion), setting an all-time high in 2024.
- December 2024 alone saw trade exceeding S$3.06 billion, a 19.24% increase compared to December 2023.
- Export and Import Growth
- Exports: Vietnam’s exports to Singapore grew by 30.8%, reaching S$8.58 billion.
- Imports: Vietnam’s imports from Singapore rose by 3.24%, totaling S$23.09 billion.
- Overall bilateral trade increased by 9.49% compared to 2023.
- Trade Surplus
- Vietnam achieved a trade surplus of approximately S$1.59 billion with Singapore in 2024.
Key Export Categories and Growth
- Major Export Sectors
- Electronics
- Machinery
- Glass
- Agricultural Exports
- Significant growth was observed in rice, seafood, and vegetable oils.
- Rice Exports: Surged by 28.45% to S$128.9 million (US$95.2 million), making Vietnam Singapore’s third-largest rice supplier.
Economic and Strategic Developments
- Economic Outlook
- Despite 2024’s successes, experts express caution for 2025 due to potential geopolitical tensions impacting trade flows.
- Emerging Financial Hub
- Vietnam is seen as having the potential to establish itself as a regional financial hub, similar to Singapore or Switzerland, by focusing on digital assets and financial technology.
- Fintech and Infrastructure Investments
- Fintech Growth: Singapore-based fintech startup Tyme Group raised $250 million, emphasizing Vietnam’s growing importance in the fintech space.
- Infrastructure Projects: New undersea fiber-optic cables are being discussed to enhance data center capabilities, strengthening digital connectivity between Vietnam and Singapore.
Data Summary Table
| Category | Details |
|---|---|
| Total Trade Value | S$31.67 billion (US$23.5 billion) |
| Export Value | S$8.58 billion (+30.8%) |
| Import Value | S$23.09 billion (+3.24%) |
| Trade Surplus | S$1.59 billion |
| December 2024 Trade | S$3.06 billion (+19.24% vs. December 2023) |
| Key Exports | Electronics, Machinery, Glass |
| Agricultural Exports | Rice (+28.45%), Seafood, Vegetable Oils |
| Key Rice Export Value | S$128.9 million (US$95.2 million) |
| Fintech Investment | Tyme Group raised $250 million |
| Infrastructure | Undersea fiber-optic cable projects under discussion |
| 2025 Trade Outlook | Cautious due to potential geopolitical tensions |
Conclusion
Vietnam’s trade relationship with Singapore continues to flourish, supported by strong export growth, a surplus in trade, and ambitious infrastructure and fintech initiatives. As the nation positions itself as a potential financial hub, the coming years hold significant promise for Vietnam’s economic trajectory, despite external challenges that may arise.
Glottis Limited 
Leave a comment