Vietnamese rice and cereals exports to Singapore witness a high growth rate. Photo: VOV

Two-way trade turnover reached roughly SGD16.8 billion in the first seven months of this year, a fall of 9.41% on-year, according to the Vietnam Trade Office in Singapore.

The country has mainly exported machinery, equipment, mobile phones, components, and spare parts, along with glass and glass-based products to the city-island nation, VOV reported.

Most notably, rice and cereals exports recorded a high growth rate compared to recent months. Meanwhile, exports of oil and gas, as well as petroleum products, optical machines, measuring instruments, and medical equipment, all endured a sharp decrease.

Furthermore, 13 out of 21 import groups from Singapore to Vietnam enjoyed positive growth, including machinery, equipment, tools, spare parts, computers, plastic and plastic products, paper and paper products, tobacco, and alternative tobacco products.

Manufacturing electrical appliances at Panasonic Life Solutions Vietnam Co., Ltd., in the Vietnam - Singapore Industrial Park (VSIP) in Tan Uyen, Binh Duong province. Photo: VNA

Despite indicators of trade turnover between both nations remaining negative, there are positive signals regarding the turnover value of the following month compared to the previous month which has seen improvement in both exports and imports.

Despite the pandemic impacts, two-way trade increased 23.3% year on year to $8.3 billion in 2021, and 10% to over $9 billion in 2022, VietnamPlus said.

Vietnam and Singapore have supplementary economic structures, and both are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

During then-President Nguyen Xuan Phuc’s visit to Singapore in February 2022, the two sides signed five cooperation deals among ministries and agencies, along with nearly 30 agreements among localities and businesses with a total value of nearly $11 billion.

Vietnam-Singapore Industrial Parks (VSIPs) are a symbol of economic cooperation between the two countries. Photo: VNA

In terms of investment, Singapore consistently ranks among the top investors in Vietnam, according to Vietnam Investment Review.

As of December 2022, Singapore maintains its top position among ASEAN countries and secures the second spot among the 141 countries investing in Vietnam. Singapore’s investment ventures span across 51 out of the 63 provinces and cities in Vietnam, and conversely, Vietnam boasts 140 valid investment projects in Singapore, amounting to a total registered capital exceeding $586 million.

The Vietnam-Singapore Industrial Parks (VSIPs) are a symbol of economic cooperation between the two countries. Currently, there are 12 VSIPs in nine provinces and cities of Vietnam. Operating VSIPs have a high occupancy rate (over 83%), attracting $17.6 billion in total investment capital, and creating jobs for nearly 300,000 direct workers./.

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