The Surge of Vietnam-Singapore Bilateral Trade in 2025
In 2025, the bilateral trade relations between Vietnam and Singapore exhibited a remarkable resurgence, as reported by Enterprise Singapore. The total import-export turnover between the two nations reached an impressive SGD 40 billion (approximately $32 billion), marking a significant 26.2% increase from 2024. This growth not only shattered the previous record of SGD 31.67 billion ($25 billion) but also showcased the dynamic economic ties that continue to flourish between these two Southeast Asian nations.
Import-Export Dynamics
A closer look at the import-export dynamics reveals a striking pattern: Singapore’s imports from Vietnam surged ahead of its exports to Vietnam. Specifically, while Singapore’s exports to Vietnam grew by 16.1% to reach SGD 26.8 billion, imports from Vietnam soared by 53.2%, amassing SGD 13.1 billion. This change solidified Vietnam’s status as Singapore’s 10th largest trading partner, emphasizing the growing importance of Vietnam in Singapore’s trade landscape.
Trade Surplus and Free Trade Agreements
Focusing on goods of domestic origin—excluding re-exports—Vietnam accounted for a trade surplus of over SGD 5.8 billion with Singapore. This achievement can largely be attributed to the persistent efforts both countries have made in implementing Free Trade Agreements (FTAs) along with ongoing trade promotion initiatives. Such strategies have facilitated smoother trading processes and have opened avenues for burgeoning industries.
The Rise of the Seafood Industry
One of the most impressive highlights in 2025 was the meteoric rise of the Vietnamese seafood industry. Once occupying the sixth spot in Singapore’s seafood imports, Vietnam made a remarkable ascent to become the third-largest supplier by the year’s end, trailing only Malaysia and Indonesia. This significant achievement underscores the growing demand for Vietnamese seafood among Singaporean consumers.
Market Penetration and Growth Rates
With a total export value of SGD 125.5 million in 2025, Vietnamese seafood recorded a year-on-year increase of 10.7%. In terms of market share, Vietnam earned a notable 10.3% of Singapore’s overall seafood import market. This ascendancy allowed Vietnam to not only surpass China and claim the fourth position in the first quarter but also solidify its third-place ranking by the year’s close.
Key Products Fueling Success
At the heart of this impressive growth were key products, predominantly fish fillets and chilled/frozen fish meat. The export turnover for this category reached SGD 63 million, which accounted for a substantial 29.7% of Singapore’s seafood import market—indicating Vietnam’s overwhelming dominance in this segment. But it wasn’t just fish fillets that were driving growth; other categories also saw significant rises. For instance, mollusks surged by an astonishing 35.8%, while crustaceans recorded a remarkable increase of 25.4%.
Conclusion
The data showcasing Vietnam’s escalating trade relationship with Singapore in 2025 is more than just numbers; it exemplifies a growing partnership grounded in mutual economic benefits and collaboration. From remarkable increases in exports to the strategic advantages brought about by Free Trade Agreements, this evolution in trade not only reflects the resilience of these nations but also paves the way for future collaboration in various sectors. Through continuous innovation and a focus on quality, both Vietnamese and Singaporean markets can expect even more fruitful exchanges in the years to come.