In 2024, economic diplomacy activities, including trade promotion, industrial investment promotion, commercial and service development, thrived vibrantly in Singapore. These efforts have laid a solid foundation for Vietnam and Singapore to elevate their bilateral relationship to a Comprehensive Strategic Partnership, projected for 2025.
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| Vietnam - Singapore Business Forum, held in Singapore on February 10, 2023. |
Commenting on Vietnam-Singapore economic diplomacy in 2024, Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore, highlighted the dynamism of this year's initiatives. A diverse array of activities was implemented, ranging from updates on local policies and mechanisms to leading delegations of Singaporean partners to Vietnam. Key activities included organizing promotion conferences, facilitating business connections, showcasing Vietnamese goods at trade fairs and exhibitions in Singapore, and supporting Vietnamese provinces with direct promotion efforts in the region.
These initiatives provided timely updates on Vietnam's business environment, thereby boosting industrial, trade, and service investment inflows into the country. They also enabled Vietnamese enterprises to access local partners, significantly contributing to the growth of Vietnam's export-import turnover.
Notably, in the first half of 2024, Vietnam surpassed India and Thailand for the first time to become Singapore’s largest rice export partner, capturing nearly 33% of the market share. Additionally, Vietnam overtook Japan to become Singapore’s fifth-largest seafood export partner, holding a market share of approximately 9.22%.
Vietnam also recorded the highest export growth rate into Singapore in 2024, achieving a remarkable 32.11% increase compared to 2023. In terms of trade involving goods originating from Vietnam and Singapore, Vietnam achieved a trade surplus of approximately SGD1.5 billion (around US$1.1 billion).
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| MoU Signing Ceremony between Vietnamese and Singaporean enterprises at the "Strengthening regional collaboration for Sustainable growth" on July 7, 2023. |
A noteworthy outcome from these efforts is the growing recognition and preference for Vietnamese products among Singaporean consumers. This achievement reflects not only the successes of 2024 but also the cumulative impact of sustained promotion efforts over recent years.
However, reflecting on the limitations in the economic and trade relations between Vietnam and Singapore, Cao Xuan Thang noted that there remains significant potential for cooperation in industrial investment, import-export, and services that Vietnam needs to further promote.
Vietnam has the advantage of being a manufacturing hub for various products, while Singapore serves as a "trade center" for the region and the world. The geographical proximity between the two countries is relatively close, and both are members of major free trade agreements (such as CPTPP and RCEP). Additionally, Vietnam and Singapore are the only two nations in the region with comprehensive agreements with Europe and the United Kingdom.
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| Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore. |
However, Vietnam has yet to fully capitalize on the opportunities provided by these FTAs. Small and medium-sized enterprises face limitations in quality control, post-harvest technology, processing, and preservation. Product packaging and design often fail to meet the standards of premium and demanding markets.
High production, transportation, and related costs make Vietnamese products less competitive compared to similar products from other countries. Moreover, the professionalism and sustainability of some businesses remain inadequate.
Cao Xuan Thang emphasized that in 2025, the global and regional economies may continue to face new challenges, including trade conflicts among major economies. This presents an opportunity for businesses to adapt and seize trends in supply chain shifts.
Industry associations and businesses should focus on trade promotion activities, showcasing products, brand promotion, and increasing the presence of Vietnamese goods at international events and exhibitions. Efforts should also be directed toward enhancing production capacity, improving technology, quality management, reducing production costs, and upgrading product packaging and design to boost competitiveness.
Thang suggested that Vietnam should prioritize promoting several key sectors. These include processed and manufactured industrial goods, supporting industrial products, and exports with high technological and innovative content—currently the largest contributors to trade turnover between Vietnam and Singapore.
Additionally, Vietnam should emphasize agricultural, forestry, and fishery products, green and environmentally friendly products, and Halal-certified goods. Shifting to official export channels while building sustainable export practices and developing product branding will be essential.
Beyond advancing traditional products that have already penetrated the Singaporean market, Vietnam should also focus on opening the market for new products and expanding exports via cross-border e-commerce platforms.
Expressing confidence in the partnership between ministries, sectors, localities, industry associations, and businesses, Cao Xuan Thang believes that the trade turnover between Vietnam and Singapore will be elevated to new heights.
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