Vietnam’s Sustained Economic Growth Progressed due to the Exports to Singapore

Singapore’s Accounting and Corporate Regulatory Authority has unveiled its trading partnership with Vietnam in 2024 during January to November with the turnover of 28.6 billion SGD and Vietnam has become the 11th largest trading partner of Singapore. The Vietnam Trade Office has reported that the economic growth of Vietnam has risen to 31.32% due to its consistent export to Singapore for the first eleven months in 2024. Vietnam has now become,

• 18th largest import partner of Singapore – 7.8 billion SGD (32.11%)
• 10th largest export market for Singapore – 20.8 billion SGD (1.72%)

Vietnam’s Major Export Items

Exported Item to Singapore	Percentage of Export
Machinery, Equipment, Mobile Phones, & Other Components	52.57%
Reactors, Boilers, Machine Tools, Spare Parts	95.93%
White Glass, Glass products	77.98%
Toys, Game devices, sporting goods	138%
Aluminium & its products	89.79%

From the given statistics in the Vietnam plus, states that Vietnam’s volume of export will reach 1 billion USD by 2025 and they have listed out the pivotal agricultural products such as bananas, fresh mangoes which are exported in a high-quality. The distribution chain of Vietnamese exports has been increased globally by the partnership of the Cooperatives Union with the other regions. In 2024, Vietnam expanded their policies for their key exports such as electronics, machinery, textiles, agricultural products, and wooden furniture with their prominent bilateral ties. 

• CEPA – Comprehensive Economic Partnership Agreement with UAE. This agreement eliminated the 90% of its tariffs on the trade of goods
• EVFTA – EU Vietnam Free Trade Agreement. This helped Vietnam to expand their trade with the EU, China, and ASEAN regions.
• They have involved a lot of digital transformation in Trade by investing in e-customs systems.
• Adopted Green Supply Chain Practises

These are some of the strategies adopted by Vietnam for expanding their quality exports around the world by deducting the dependency with one region.

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