Among the 15 countries that are competing fiercely when exporting seafood to the Singapore market, Vietnam has risen to become one of the 5 countries exporting a lot of seafood to this market.
On the afternoon of April 25, the Ministry of Industry and Trade cited the Vietnam Trade Office in Singapore to inform the press about this event.
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 of 5.67%. % compared to the same period in 2023.
Seafood groups account for a large proportion in the Singapore market including: shrimp, crab, and crustacean seafood (accounting for nearly 25% of total consumption); Next is fresh and chilled fish (accounting for 19.86%); fish fillets, chilled or frozen fish meat (accounting for 18.15%); frozen fish (accounting for 15.45%); molluscan seafood (accounting for 11.02%)… Items such as fresh fish, processed fish and aquatic seafood account for a relatively low proportion, 4.05% – 4.11% and 2.43%, respectively. %.
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 rose to the top position. The 5th largest seafood export partner to the Singapore market.
Vietnam’s seafood export turnover to the Singapore market in the first 3 months of 2024 increased by 3.22% (export value reached more than 24 million SGD) and only accounted for 8.58% of the market share.
According to Mr. Cao Xuan Thang, Commercial Counselor, Head of the Vietnam Trade Office in Singapore, this country is constantly looking to diversify its import markets. But, rising inflation is also a big challenge for the seafood industry 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.
According to the representative of the Vietnam Trade Office in Singapore, a number of recent cases related to the recall of food originating from Vietnam in Singapore were due to partners’ non-compliance with warning labels of allergenic ingredients and a number of import conditions, showing that Vietnamese businesses need to pay special attention to updating regulations, maintaining the reputation of quality and brand of Vietnamese products.
PHUC VAN
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