Vietnam imported 27 commodities from Singapore, of which petroleum was the only item with a turnover of over US$100 million.

The country spent US$298 million on importing 397,970 tonnes of petroleum products from this market, up 245% in value and 285% in volume against the same period last year.

In addition, it also spent US$33 million on importing computers, electronic products and components from Singapore, down 19% compared to January, 2024.

Meanwhile, Vietnam exported a total of 30 major items to Singapore, with turnover reaching US$462 million, up 10.9% year on year.

Electronic-related products continued to be among the main export items with the largest turnover to the island state. Accordingly, computers, electronic products, and component exports increased by 3.4% to US$80 million, while phone and component exports hit US$33.4 million, down 20.7%.

Moreover, Vietnam raked in US$53.5 million from exporting other machinery, equipment, tools, and spare parts, an annual drop of 31%.

Total export turnover of these three products reached US$167 million, accounting for 36% of the proportion of Vietnamese export value to Singapore.

Most notably, the country also earned US$73.5 million from exporting crude oil to Singapore, up 228% compared to US$22.4 million recorded in the same period last year.

With regard to agricultural and aquatic products, Vietnam grossed US$7.66 million from rice exports to the Singaporean market, up 7.7%, while aquatic exports reached US$7.1 million, down 24%.

Foreign investors encouraged to invest in petroleum storage infrastructure

The Vietnamese Government has given green light to foreign investors to invest in developing oil and gas storage and supply infrastructure system, but they cannot participate in distributing, importing and exporting petroleum.