Over more than five decades of development, Viet Nam–Singapore relations have been continuously strengthened, expanded, and deepened, becoming a model of successful cooperation within ASEAN. Economic and trade cooperation, in particular, has grown steadily and remains the brightest highlight of the bilateral relationship.

A Strong Political and Diplomatic Foundation

Viet Nam and Singapore officially established diplomatic relations in 1973. Following the elevation of ties to a Strategic Partnership in 2013 and a Comprehensive Strategic Partnership in 2025, relations between the two countries have continued to develop extensively and effectively. Over the past half-century, Viet Nam and Singapore have become increasingly close partners, enjoying a high level of mutual trust and achieving positive outcomes across a wide range of areas. High-level exchanges have been conducted regularly, most recently including the visit to Viet Nam by Singapore’s Prime Minister in March 2025 and the State Visit to Singapore by General Secretary and President To Lam in May 2026.

Economic and Trade Cooperation: A Bright Spot in Bilateral Relations

Singapore is currently one of Viet Nam’s key economic partners. In terms of trade, Singapore is Viet Nam’s fourth-largest trading partner within ASEAN, while Viet Nam is Singapore’s fourth-largest trading partner in ASEAN and its tenth-largest trading partner globally. In 2025, total bilateral trade reached USD 11.9 billion, an increase of 13% compared to 2024. Of this amount, Viet Nam’s exports to Singapore totaled USD 5.9 billion, up 13.46% year-on-year, while imports from Singapore reached USD 6 billion, an increase of 13.2%. During the first four months of 2026, bilateral trade maintained impressive growth of nearly 36%, reaching USD 5.2 billion.

At the same time, Singapore is the second-largest foreign investor in Viet Nam, with more than 4,500 valid investment projects and total registered capital of nearly USD 97 billion. Singaporean investments span a wide range of sectors, including manufacturing and processing industries, infrastructure, logistics, real estate, finance, high technology, and modern services. These projects have made significant contributions to economic growth, job creation, and Viet Nam’s economic restructuring efforts. A prominent symbol of the success of bilateral cooperation is the Viet Nam–Singapore Industrial Park (VSIP) network. From the first VSIP project, the network has now expanded to numerous localities across the country.

Viet Nam and Singapore are both parties to ASEAN and ASEAN+ free trade agreements, the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), enabling both countries to effectively leverage the benefits of these agreements. Within ASEAN, the two countries are also working closely with other member states to promote cooperation in areas of shared interest such as energy security and food security, as well as emerging areas including the digital economy and green economy.

Photo: Viet Nam’s Minister of Industry and Trade Le Manh Hung and Singapore’s Minister-in-charge of Energy and Science & Technology Tan See Leng (Source: MOIT)

To effectively implement cooperation activities, the Ministry of Industry and Trade of Viet Nam and the Ministry of Trade and Industry of Singapore have established a cooperation framework through a number of key instruments, including: the Memorandum of Understanding (MOU) on Economic and Trade Cooperation signed in 2022 during the State Visit to Singapore by the President of Viet Nam; the MOU on Energy Cooperation signed in October 2022; the MOU on the Economic and Trade Cooperation Work Plan signed in February 2023 during the official visit to Singapore by the Prime Minister of Viet Nam; the Letter of Intent on Enhancing Cooperation in Cross-Border Electricity Trade for the ASEAN Power Grid signed in March 2025 during the official visit to Viet Nam by the Prime Minister of Singapore; and the Viet Nam–Singapore Joint Statement on Strengthening Supply Chain Resilience issued during the State Visit to Singapore by the General Secretary and President in May 2026. In addition, the Minister of Industry and Trade, authorized by the Government, signed the MOU on Rice Trade Cooperation between the Government of the Socialist Republic of Viet Nam and the Government of the Republic of Singapore in October 2025. The MOU provides a foundation for promoting stable and sustainable rice trade and contributing to bilateral food security by avoiding unnecessary trade-restrictive measures.

Building on a strong political and diplomatic foundation, economic and trade cooperation between Viet Nam and Singapore will continue to grow, bringing tangible benefits to the peoples of both countries. In particular, 2027 will present new opportunities for advancing bilateral economic and trade cooperation as Singapore assumes the ASEAN Chairmanship and Viet Nam hosts APEC. These roles will create favorable conditions for enhanced policy coordination and the promotion of new initiatives, thereby helping to strengthen growth momentum in ASEAN and the wider Asia-Pacific region while opening up new opportunities for businesses and investors from both countries./.

Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam