A Boom in Imports from Vietnam
The growth was driven by activity on both sides, but the surge in goods flowing from Vietnam was particularly striking.
- Singapore’s Exports to Vietnam: Rose by 19.4% to S$22.7 billion.
- Singapore’s Imports from Vietnam: Jumped by a massive 46.4% to reach S$10.4 billion.
October 2025 was a standout month, with two-way trade hitting S$3.9 billion. Notably, imports from Vietnam in October more than doubled year-on-year (up 109.3%).
The "Real" Balance of Trade
On paper, Singapore maintains a trade surplus of S$12.3 billion. However, a deeper look at the data reveals a nuanced picture.
Approximately 73% of Singapore’s exports to Vietnam (valued at S$16.5 billion) are"re-exports"—goods that pass through Singapore’s logistics hubsrather than being produced there.
When calculating only goods of domestic origin, the tables turn: Vietnam actually holds a trade surplus of nearly S$4.22 billion with Singapore, highlighting Vietnam's growing manufacturing strength.
Tech and Energy Dominate
The trade relationship is heavily fueled by the technology and energy sectors.
- From Singapore to Vietnam: The top exports remain Machinery/Electronics and Mineral Fuels/Oil products. Together, these categories account for over 68% of total exports. Electronics alone reached S$11.9 billion (up 28.8%).
- From Vietnam to Singapore: Electronics are also the star performer. Machinery and electrical equipment exports to Singapore skyrocketed by 106.7% to reach nearly S$5.4 billion, accounting for half of all imports. Mechanical machinery also saw strong growth of 64.2%.
Strengthening Ties: The Rice Deal
Beyond the hardware and fuel, 2025 marked a significant diplomatic milestone in foodsecurity. On October 30, the two nations signed a new rice trade agreement. This deal is seen as a major step in fortifying the Comprehensive Strategic Partnership and boosting business confidence between the two ASEAN neighbors.