Vietnam exported USD 4.3 billion worth of goods to Singapore in 2022, an increase of nearly 10% over the previous year, of which computers and electronic components had the largest turnover of over USD 1 billion.

According to preliminary statistics of the General Department of Vietnam Customs, the export turnover of goods to Singapore market in December 2022 reached USD 362.7 million, an increase of 38.4% compared to the previous month. Accumulated over 2022, exports reached USD 4.3 billion, an increase of 9.4% compared to 2021.

In 2022, the group of computers, electronic products and components topped the list of main export groups with the largest value with USD 1.07 billion, an increase of 16.2% over the previous year, accounting for 24.8% of the total export turnover of goods to this market.

In second place is the group of machinery, equipment, and tools with USD 743.1 million, an increase of 14.9%, accounting for 17.2% of the proportion; followed by the group of glass and glass products with USD 408.5 million, accounting for 9.4% of the exports.

Several items with export value increased significantly in 2022 compared to 2021: Ceramic products increased by 63.4%; other common metals and products increased by 77.7%; iron and steel of all kinds increased more than 21 times; other common metals and products increased by 77.7%.

On the contrary, a number of commodity groups with reduced export value: Petroleum of all kinds decreased by 49.7%; crude oil decreased by 70.4%; rice decreased by 18% compared to 2021.

According to the Ministry of Industry and Trade, Singapore is one of the most dynamic developed economies in the Asia-Pacific region, playing an important role in trade cooperation with Vietnam. Singapore's demand for finding and expanding the supply of raw materials to replace the Chinese market is huge.

However, this market requires very high quality goods, especially for agricultural and aquatic products. However, there have been Vietnamese enterprises that have passed the strict criteria of food safety and successfully exported beverage and food products to this market. Vietnam Dairy Products Joint Stock Company (Vinamilk) has exported 100% organic fresh milk, refined bird's nest and pure fresh milk to Singapore, etc.

With an export scale exceeding USD 370 billion as of the end of 2022, Vietnam is one of the partner markets to help Singapore make up for the shortage of goods, especially agricultural, aquatic, food and construction products. However, the pressure on industries and businesses is to raise quality standards for goods, ensure stability in export shipments, and reduce production costs so that export products can be competitive with products of other countries exporting to this market.

Kylie Nguyen