(for illustration only. Photo: vietf.vn)

Singapore has become the 6th largest trading partner of Vietnam, after China, Japan, the US, the Republic of Korea and Taiwan (China).

The Vietnam Government Portal (VGP) quoted statistics of the Vietnam Customs as showing that since 2006, goods trading between the two countries has always accounted for a large proportion of Vietnam’s total export and import value.

By the end of May, two-way trade stood at 3.53 billion USD, in which Vietnam’s import was 2.49 billion USD, down 12.9 percent against the same period of 2012.

Vietnam’s key exports to Singapore in 2012 included computers, electronic products and components with a turnover of 300 million USD, up 10.7 percent against 2011 and accounting for 12.8 percent of total export turnover to the Singapore market.

The customs agency said deficit has increased sharply over the past two years, from 1.98 billion USD in 2010 to 4.32 billion USD last year.

Source: VNA