Vietnam becomes Singapore's 8th largest export market
HANOI: Vietnam ranked as the eighth largest export market of Singapore with an export turnover of more than 11.7 billion SGD (US$9.06 billion) in the first five months of this year, four places higher than that of the same period last year, according to the Vietnamese Ministry of Industry and Trade.
The ministry cited data from Enterprise Singapore, which said that last month, total import-export turnover between the two countries reached more than 3.16 billion SGD, up 27.76 per cent year-over-year.
Exports from Vietnam to Singapore continued to grow well with a turnover of 869.3 million SGD, up 27.1 per cent, while import turnover grew by 28.02 per cent, reaching nearly 2.3 billion SGD.
In the first five months of the year, the two-way trade turnover reached more than 16.23 billion SGD, 28.07 per cent higher than that of the same period last year. Of that, Vietnam's exports to Singapore increased sharply, by 37.7 per cent, reaching nearly 4.53 billion SGD and its imports reached more than 11.7 billion SGD, up 24.7 per cent.
More than 94.4 per cent of the commodities that Vietnam exported to Singapore last month belonged to the group of machinery, equipment, mobile phones, components and spare parts of all kinds.
Meanwhile, the other two main export groups - the group of reactors, boilers, machine tools and spare parts of the above machines; and the group of glass and glass products - only increased slightly or decreased.
Some other export groups also had very strong growth such as alcohol and beverages (up 104.48 per cent); optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (up more than 52.58 per cent); and plastics and plastic products (up more than 48.43 per cent).
On the contrary, some groups had quite strong declines, such as salt, sulfur, soil and stone, plaster, lime and cement (down 25.29 per cent) and aquatic products (down 17.85 per cent).
Regarding imported goods from Singapore to Vietnaam, in May, the group of machinery, equipment, mobile phones, components and spare parts of all kinds increased by 61.28 per cent and the group of reactors, boilers, machine tools and equipment and spare parts of the above machines increased by 92.44 per cent.
Meanwhile, the group of gasoline and petroleum products decreased by 12.28 per cent. — Vietnam News/ANN
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
4 hours ago
- Malaysian Reserve
CIBC to Issue 7.000% NVCC AT1 Limited Recourse Capital Notes
TORONTO, July 9, 2025 /CNW/ – CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the 'LRCNs'). The LRCNs will bear interest at a rate of 7.000% annually, payable quarterly, for the initial period ending on, but excluding, October 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 3.000%. The LRCNs will mature on October 28, 2085. The expected closing date of the offering is July 14, 2025. In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 62 (Non-Viability Contingent Capital (NVCC)) (the 'Series 62 Shares') to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the 'Limited Recourse Trust'). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 62 Shares except in limited circumstances. CIBC may redeem the LRCNs on October 28, 2030 and on each January 28, April 28, July 28 and October 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days' nor more than 60 days' prior notice. The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC. The joint book-running managers for the offering are CIBC World Markets Corp., Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the 'SEC') and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets Corp. toll-free at (800) 282-0822; Barclays Capital Inc. toll-free at (888) 603-5847; BofA Securities, Inc. toll-free at (800) 294-1322; Citigroup Global Markets Inc. toll-free at (800) 831-9146; or J.P. Morgan Securities LLC collect at (212) 834-4533. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any offer, solicitation or sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
New Straits Times
5 hours ago
- New Straits Times
Ex-Real Madrid coach Ancelotti gets year's jail for tax fraud
MADRID: A Spanish court on Wednesday sentenced former Real Madrid manager Carlo Ancelotti to a year in jail for tax fraud committed in 2014, a punishment that will not oblige the Brazil coach to serve prison time. Prosecutors alleged the Italian created a system of shell companies to hide extra earnings during his first spell as Real Madrid manager in 2014 and 2015, notably through image rights. They said the 66-year-old, one of the most successful managers in football history, failed to pay more than one million euros due to undeclared earnings in those years, seeking four years and nine months in jail against him. Ancelotti denied having intentionally committed fraud at his highly publicised trial in April, saying he never realised a scheme allowing him to collect some of his salary in image rights would see him pay less tax. A Madrid court announced in a ruling it had convicted Ancelotti for "an offence against the treasury... to the punishment of one year in prison" and a fine of 386,361 euros (US$452,821). But the former Chelsea, Bayern Munich and Paris Saint-Germain boss, who no longer lives in Spain, will not serve jail time because the sentence is less than two years and he has no criminal record.
Free Malaysia Today
8 hours ago
- Free Malaysia Today
M'sia won't strike a trade deal just for the sake of it, says Tengku Zafrul
Investment, trade and industry minister Tengku Zafrul Aziz said any tariff reduction must be matched with a careful analysis of what Malaysia would be giving in return. KUALA LUMPUR : Investment, trade and industry minister Tengku Zafrul Aziz today said Malaysia would not accept a trade deal with the US for the sake of it, and that any agreement must ultimately benefit the country. 'If we can strike a deal that benefits Malaysia, its companies and the economy, then we will say yes. 'But if the deal doesn't benefit us, we must be firm. Negotiations should not begin with the intention of conceding everything. That's not how negotiations work,' he said at a press conference today. Tengku Zafrul was asked about negotiations with the US to reduce the 25% tariff on Malaysian goods effective Aug 1. He said any tariff reduction must be matched with a careful analysis of what Malaysia would be giving in return, and that 'trade-offs' must be factored in. He said the US would not reduce tariffs without reciprocal concessions. 'So we need to evaluate the impact on Malaysia if we give in to a request. If the balance is positive, we may proceed. But if the impact is negative, we must say no.' He also said Malaysia was taking a long-term view, with negotiations focussed on issues vital to the country's future competitiveness. 'Whatever we offer the US must be consistent with what we offer others,' he said, referring to Malaysia's other trade partners. 'We must be fair and balanced – it's not as simple as just reducing tariffs.' Tengku Zafrul also said Malaysia had remained firm on its red lines during the 90-day negotiation window with US officials. 'The key takeaway is that we stood firm on what we needed to stand firm on. For every single commitment negotiated, we asked ourselves on balance, would it be better to have a lower tariff for certain sectors but open up our market unconditionally on certain products?' At the core of Malaysia's position was its sovereignty and the government's duty to protect its regulatory space, he said. Tengku Zafrul said there were areas in which the country could not compromise as they involved the matter of sovereignty. He said non-negotiable matters included Malaysia's right to impose digital taxes, maintain its current procurement policies, and uphold laws passed by Parliament – especially those related to e-commerce and criminal law. Prime Minister Anwar Ibrahim has said he will meet US secretary of state Marco Rubio tomorrow to discuss the issue.
