Trade Relations between Singapore and Vietnam and Singapore Companies' Participation in Rapid Growth of Vietnamese Economy

Mr Desmond Choo asked the Minister for Trade and Industry (a) how has trade relations grown between Singapore and Vietnam over the last five years; and (b) how can Singapore companies participate in the rapid growth of the Vietnamese economy.

Bilateral goods trade between Singapore and Vietnam grew by around 11% per annum from S$20.9 billion in 2018 to S$31.3 billion in 2022. Bilateral services trade grew by around 14% per annum from S$4.4 billion in 2017 to S$7.4 billion in 2021.1 In 2022, Vietnam was Singapore’s 11th largest trading partner.

Singapore’s Direct Investment Abroad (DIA) to Vietnam amounted to S$31 billion as of 2021.2 Vietnam is a fast-growing economy in our region, with a young and well-skilled workforce. Singapore companies have been entering Vietnam in sectors, such as infrastructure, manufacturing, logistics and consumer goods and services. There are also opportunities in the emerging areas of innovation, energy and sustainability. EnterpriseSG’s Market Readiness Assistance grant and its network of overseas centres and partners, such as the Singapore Business Federation (SBF)’s GlobalConnect@SBF, can help Singapore companies enter and expand their business in Vietnam.