Vietnam’s exports to the Singaporean market during the opening two months of the year increased sharply by 19.32% to reach nearly SDG1.23 billion, according to figures released by the Vietnam Trade Office in Singapore.

Cao Xuan Thang, Vietnamese Trade Counsellor to Singapore, said in February alone, the total import-export turnover between both sides reached more than SGD2.26 billion, suffering a decrease of 9.48% against the same period from last year. 

Most notably, exports from Vietnam to Singapore continue to maintain a fairly strong positive growth rate of 8.05% to reach SGD550.6 million, while import turnover decreased by nearly 14% to more than SGD1.71 billion.

The import-export turnover between Vietnam and Singapore during the two-month period reached more than SGD5.17 billion, up 4.18% on-year.

Of the figure, exports increased sharply by 19.32% to nearly SGD1.23 bilion and imports rose by 0.21% to nearly SDG3.94 billion. 

In February, some export commodities enjoyed robust export growth in the Singapore market, including iron and steel, up 32.85 times, and petroleum products, up nearly 1.45 times.

To assist Vietnamese businesses in  boosting exports to the Singaporean market, the Trade Office will continue to update Singapore’s market situation, investment policies, as well as strengthening trade connectivity, Thang noted. 

VOV