Written reply to PQ on Singapore-Vietnam Trade Relations

Question

Mr Desmond Choo: To ask 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.

Written Answer by Minister for Trade and Industry Gan Kim Yong

1. 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. In 2022, Vietnam was Singapore’s 11th largest trading partner.

2. Singapore’s Direct Investment Abroad (DIA) to Vietnam amounted to S$31.0 billion as of 2021. 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 Singapore Business Federation (SBF)’s GlobalConnect@SBF, can help Singapore companies enter and expand their business in Vietnam.