For the first time, Vietnam ranked 5th in seafood exports to Singapore

The Vietnam Trade Office in Singapore said that the first quarter of 2024 marked the milestone of Vietnam surpassing Japan, rising from the 6th largest partner position for the first time to the 5th largest seafood export partner in 2019. Singapore.

Specifically, according to statistics from the Singapore Business Administration, in the first 3 months of 2024, Singapore imported seafood from nearly 100 countries and territories with a total import turnover of nearly 340 million SGD, a decrease 5.67% over the same period in 2023.

The group of aquatic products that accounts for a large proportion in the Singapore market includes shrimp, crab, and crustacean seafood (HS0306), accounting for nearly 25% of total market consumption; Next is fresh, chilled fish (HS0302), accounting for 19.86%; fish fillets, chilled or frozen fish meat (HS0304), accounting for 18.15%; frozen fish (HS0303) accounts for 15.45%; molluscs (HS0307), accounting for 11.02%…

Product groups such as: fresh fish, processed fish and aquatic products account for a relatively low proportion, 4.05% respectively; 4.11% and 2.43%.

Among the top 15 seafood exporting countries to the Singapore market, Malaysia continues to be the leading country, followed by Norway in 2nd place, Indonesia ranked 3rd, China ranked 4th and Vietnam for the first time surpassed Through Japan, it rose to the 5th largest seafood export partner in the Singapore market.

According to statistics, the seafood market share of the Singapore market is generally still divided equally between partners because each country has its own export strengths; Of which, 6 countries have the largest market share of 9-13%, specifically Malaysia (13.60%), Norway (11.45%), Indonesia (11.13%), China (10, 15%), Vietnam (8.58%) and Japan (8.34%).

However, each country has its own strong products and dominates each different segment. Malaysia has strengths in fresh fish and shrimp, crab, and crustacean seafood with market shares in these two segments of 28.34% and 21.30%, respectively.

Norway and Spain have strengths in fresh chilled and frozen fish products. China has an advantage in mollusc seafood products (accounting for 35.62% of the market share) and Japan has an advantage in aquatic seafood products (accounting for 41.77% of the market share).

Vietnam dominates the Singapore seafood market with frozen fish fillets (accounting for 26.85%) and processed fish (accounting for 16.88%). The remaining market share is divided equally between more than 90 other partners, including Chile, India, Australia, Thailand, America…

Regarding the growth rate of the 15 leading seafood export partners to Singapore, data in table 2 shows that 5/15 partners have negative growth and 9/15 partners have positive growth.

Some partners have strong growth such as: Argentina increased 3.7 times, St. Helena increased 2.4 times, Chile increased 98.92%, Australia increased 50.5%.

For Vietnamese seafood products, the export turnover of Vietnamese seafood to the Singapore market in the first 3 months of 2024 increased by 3.22% (export value reached more than 24 million SGD), accounting for a market share of 8 .58%.

Statistics show that seafood export turnover from Vietnam to Singapore in 2023 will increase sharply in the fresh fish group – HS0301 (up 29.27%), while 3 product groups will have a sharp decrease: Aquatic seafood group – HS0308 (down 78.95%); Frozen fish group – HS0303 (down 26.37%), mollusk seafood group – HS0307 (down 16.03%).

According to Mr. Cao Xuan Thang, Commercial Counselor, Head of the Vietnam Trade Office in Singapore, in the policy of diversifying supplies, Singapore continuously seeks, expands and diversifies import markets in many different forms.

This ensures food supply security for Singapore, and at the same time increases competition between countries exporting seafood to Singapore.

On the other hand, rising inflation is also a big challenge for the seafood industries of countries exporting to Singapore; including Vietnam. Any country that takes advantage of logistics as well as minimizing costs will create a greater competitive advantage in exporting goods to Singapore.

The statistics show the important position and role of Vietnamese seafood products in the Singapore market. However, in order to maintain and improve its ranking, increase market share and increase the value of seafood exports to Singapore, Vietnam needs to continue to further improve the quality of seafood products.

A number of recent cases related to the recall of food products originating from Vietnam in Singapore, due to partners’ failure to comply with allergen warning labels and some import conditions, for Vietnamese businesses need to pay special attention to updating local regulations, maintaining the reputation of quality and brand of Vietnamese products.

To promote the export of seafood products to the Singapore market in particular and the world market in general, the Vietnam Trade Office in Singapore recommends that Vietnamese seafood businesses research and take effective advantage of FTAs ​​that Vietnam is a member; Regularly update local regulations, especially regulations on quality standards, product labels, etc.

At the same time, actively participate in exhibitions, enhance brand promotion, promote products, increase the presence of Vietnamese goods in international markets; Improve competitiveness, maintain stable product quality, and maintain reputation with international partners.

In addition, it is necessary to carefully verify partner information before signing, delivering goods and making payments, avoiding risks in business transactions./.