According to the Vietnam Trade Office in Singapore, in July 2024, the total import and export turnover between Vietnam and Singapore reached over 3.1 billion SGD, up 20.91% over the same period in 2023. Notably, exports from Vietnam to Singapore continued to achieve high growth (36.25%) with a value of 763.9 million SGD , while imports also grew strongly at 16.7%, reaching over 2.38 billion SGD.
All three main export groups from Vietnam to Singapore saw significant increases. Specifically, the group of machinery, equipment, mobile phones, and parts and accessories witnessed a 22.86% increase, while the group of reactors, boilers, machinery, and mechanical appliances and their parts saw a 68.21% surge. The most impressive growth was in the group of glass and glass products, which increased by 94.61%.
All three main export groups from Vietnam to Singapore saw significant increases.
Several other export sectors also recorded robust growth, including iron and steel, which increased more than twelvefold, and optical equipment, measuring instruments, medical equipment, clocks, musical instruments, and their parts, which tripled in value. On the other hand, some sectors experienced significant declines, such as paper and paper products, which decreased by 35.86%, and garments, which fell by 23.65%.
For the first seven months of the year, exports surged by 27.03%, reaching over 4.7 billion SGD (3.6 billion USD), while imports totaled 13.61 billion SGD (10.41 billion USD), up 3.93%. Vietnam remains Singapore’s 12th largest trading partner, with two-way trade exceeding 18.32 billion SGD, marking a 9.02% increase.
Singapore Seeks to Import Fresh Eggs from Vietnam
In mid-July, during a visit to the Ba Huan Company’s egg production facility in Long An, Mr. Abdul Jalil Kader, Deputy Director of the Singapore Food Agency, expressed the country’s significant demand for fresh food and eggs. He indicated that Singapore is keen to explore the possibility of importing fresh eggs and meat from Vietnam.
“After working with many production and farming enterprises, we recognize the considerable potential for exporting meat and eggs from Vietnam to Singapore. However, to expedite this process effectively, support from government agencies is crucial, especially in terms of quality management and assessment,” said Mr. Abdul Jalil Kader.
Singapore is interested in importing fresh eggs and meat from Vietnam.
Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnam Trade Office in Singapore, shared that the delegation from the Singapore Food Agency had surveyed and worked with numerous businesses to promote imports, particularly focusing on products not yet officially exported from Vietnam, such as fresh chicken, pork, and eggs.
According to Mr. Thang, accessing the Singapore market means not just serving its 6 million residents but also leveraging the country as a gateway to other international markets.
“Singapore is a commercial hub for the region and the world. Successfully penetrating this market will make it easier for Vietnamese meat, eggs, and other products to reach other countries. However, Singapore is a demanding market, and we still have much work to do to seize this opportunity fully,” Mr. Thang assessed.
In the first quarter of 2024, Vietnam was the largest rice exporter to Singapore, while seafood ranked fifth among the country’s imports.
Singapore is ranked as the fourth richest city in the world, surpassing London.
According to the
Straits Times
, citing the Henley & Partners Wealth Tech Cities 2024 report,
Singapore is ranked as the fourth richest city in the world,
surpassing London.
In 2023 alone, 3,400 high-net-worth individuals (HNWI) relocated to Singapore.
The republic – regarded as the world’s most business-friendly city – is now home to 244,800 millionaires or individuals with liquid investments of at least 1 million USD (1.35 million SGD). Additionally, there are 336 centimillionaires with liquid assets between 100 million USD and 1 billion USD, and 30 billionaires with liquid assets exceeding 1 billion USD.
The Republic of Singapore is an island nation and the smallest country in Southeast Asia in terms of land area.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
