In 2010, the trade deficit of Vietnam with Singapore was 1.98 billion USD - equivalent to 93.3% of goods export from Vietnam to Singapore, and thenin 2012, the trade deficit rose to 4.32 billion USD, which meant 1.8 times higher than export turnoverof the whole country to Singapore’smarket.

According to statistics of the General Department of Vietnam Customs, Singapore is being the 6th largest trading partner in the world of Vietnam, after China, Japan, USA, South Korea and Taiwan, and is the largest trading partner of Vietnam in ASEAN.
The bilateral merchandise trade between Vietnam and Singapore from 2006 to now always reaches a large proportion of the total export of Vietnam. As of May 2013, the total export and import turnover of goods between Vietnam and Singapore reached 3.53 billion USD; inwhich export turnover reached 1.04 billion USD,up 16.8% and imports of goods from Singapore reached 2.49 billion USD, down 12.9% compared to the same period in 2012.
 However, in goods trading with Singapore, Vietnam always had a high level of deficit. In 2012, the trade deficit with Singapore was 1.8 times higherthangoods exports turnoverof Vietnam to that market.
In addition, the growth in goods import from Singapore to Vietnam in the last 2 years was usually higher than the growth of good export from Vietnam to the Singaporean market, so the trade deficit increased sharply.
Currently, import turnover of goods originating from Singapore are increasing proportion of the total import turnover of the country. Singapore is the 5th largest goods-providing market for Vietnam. In 2009, importrate from this market accounted for only 6.1% of total importrate of the country, but in 2009, it rose to 9.1%. The imported goods are mainly petroleum, electronic products and components, machinery equipment and accessories, etc.
Regarding exports, in 2012, Singapore is the fourteenth largest export market out of 200 export markets of Vietnam. In the period from 2006 to 2012, the average growth rate of exports from Vietnam to Singapore reached 5.5% / year, which was much lower than the average growth of exports of the whole country (20% / year). Therefore, although the export turnoverto that market increased from 1.36 billion USD in 2006 to 2.37 billion USD in 2012, the proportion of total goodexports of Vietnamstill decreased from 4.1% in 2006 and to 2.1% in 2012.
The major export products of Vietnam to Singapore include group of computers, electronic products and components; group of glass commodity and glass products, machinery, equipment, tools and accessories.

*Source:“Báo Công Thương”