Vietnamese Exports to Singapore Skyrocket, Driving Bilateral Trade Up 43%

Bilateral trade between Vietnam and Singapore surged 43.4% year-on-year to reach SGD23.3 billion ($18 billion) in the first five months of 2026, propelled by a historic increase in Vietnamese exports to the city-state.

Data from Enterprise Singapore, cited by the Vietnam Trade Office in Singapore, shows total two-way trade turnover in May alone reached nearly SGD4.5 billion (approximately $3.48 billion), a 42.1% rise from the same month in 2025. The month highlighted a significant shift in trade dynamics: while Singapore's exports to Vietnam fell 11.8% to SGD2 billion ($1.55 billion), its imports from Vietnam soared by an unprecedented 184.7% to nearly SGD2.5 billion ($1.93 billion).

Over the five-month period, Singapore’s exports to Vietnam saw a modest 4.8% increase to SGD12.3 billion ($9.5 billion). In contrast, imports from Vietnam recorded breakthrough growth of 142.9%, hitting SGD11 billion.

Two product categories—"Electrical machinery and equipment and parts thereof" and "Mineral fuels, mineral oils and products of their distillation"—continued to dominate Singapore’s exports to Vietnam, with a combined value of SGD8.4 billion ($6.5 billion), representing 68.8% of the total. Meanwhile, Vietnam maintained its position as Singapore's 10th largest trading partner, with high growth observed in both export and import directions for core commodity groups including machinery, mineral fuels, and mechanical appliances.

Cao Xuan Thang, Vietnam’s Commercial Counselor in Singapore, commented on the trend. "The sustainable trade growth between Vietnam and Singapore is not merely a short-term increase in turnover," he affirmed. "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 broader economic environment, Mr. Thang noted that a report from Singapore’s Ministry of Trade and Industry (MTI) indicates the nation's economy is maintaining positive growth momentum in 2026. However, he added that the general market outlook is becoming increasingly cautious amid complex fluctuations in the external economic environment.