According to the Customs General Department's data, the total export value to Singapore reached approximately $737 million in the first two months of 2024, representing a 9% increase from the same period last year. During this period, Vietnam's steel export to Singapore notably escalated, exceeding $21.5 million.
With Singapore's infrastructure construction rapidly advancing, there has been a notable increase in demand for steel imports. As the leading economy in the Asia-Pacific region, Singapore plans to promote social housing construction in 2024 to support citizens amidst challenging economic conditions.
Given China's dominance in the steel market, Singapore aims to establish and expand alternative raw material supply markets outside of China. This could contribute to reducing China's global economic influence. Vietnam plays a crucial role in helping Singapore reduce its dependency on China and address material shortages.
In January 2024, Vietnam's bilateral trade turnover with Singapore surged by 18.08%, surpassing SGD 2.9 billion, elevating Vietnam to the 10th largest trading partner of Singapore. Additionally, Vietnam's competitive construction steel prices have led to increased imports by markets like Singapore and Malaysia.
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