Vietnam secures largest export growth to Singapore in 11 months

Statistics show 11-month Vietnamese exports to Singapore rose 32.11% year on year, while its exports to Taiwan (China) and India climbed by 26.70% and 23.86%, respectively.

Cao Xuan Thang, trade counselor cum head of the Vietnam Trade Office in Singapore, revealed that Vietnam ranked 11th on the list of Singapore's trade partners, with a total two-way turnover reaching more than US$21 billion, up 8.53% year on year.

Of the total, Vietnamese exports went up 32.11% to nearly US$5.75 billion, while imports edged up 1.72% to more than US$15.3 billion.

According to the Trade Office, the country’s three main export commodity groups to Singapore continued to witness dramatic rise in the reviewed period.

The strongest increase was recorded in the category of toys, games, and sports equipment at over 138%. This was trailed by the group of reactors, boilers, machine tools, and spare parts at 95.93%; and aluminum products at 89.79%.

As the global and regional economies are expected to continue to face numerous challenges next year, the Vietnamese Trade Office in Singapore will continue supporting Vietnamese enterprises seeking to strengthen trade connectivity and to develop brands in order to help them gain a firm foothold in Singapore, said Thang.

Simultaneously, he said, the Trade Office will encourage Singaporean delegations to visit Vietnam to seek out supply sources of goods; expand markets; and promote investment in the fields of industry, trade, and services in the Vietnamese market.