Vietnam surpassed Japan to become the 5th largest seafood export partner to Singapore

Citing statistics from the Singapore Business Administration, the Vietnam Trade Office in Singapore said that in the first 3 months of 2024, this country imported seafood from nearly 100 countries and territories with a total turnover of Imports reached nearly 340 million SGD, down 5.67% over the same period in 2023.

The group of aquatic products accounting for a large proportion in the Singapore market includes: Shrimp, crab, and crustacean seafood, accounting for nearly 25% of total market consumption; Next is fresh and chilled fish, accounting for 19.86%; fish fillet, chilled or frozen fish meat, accounting for 18.15%; Frozen fish accounts for 15.45%; molluscan seafood, accounting for 11.02%… Product groups such as fresh fish, processed fish and aquatic seafood 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 ranked 4th for the first time. surpassing Japan to become the 5th largest seafood export partner to 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.

Among them, 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).

And Vietnam dominates the Singapore seafood market with frozen fish fillet products (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, the Vietnam Trade Office in Singapore said that 5/15 partners had negative growth and 9/15 partners had positive growth. Some partners have strong growth such as: Argentina (up 3.7 times), St. Helena (up 2.4 times), Chile (up 98.92%), Australia (up 50.5%).

For Vietnamese seafood products, 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), 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 (up 29.27%), while 3 commodity groups will see a sharp decrease: the seafood group. aquatic products (down 78.95%); frozen fish group (down 26.37%), mollusk seafood group (down 16.03%).

The first quarter of 2024 marked the first time that Vietnam surpassed Japan, rising to the 5th largest seafood export partner to Singapore.

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.

In order to maintain and improve the ranking, increase market share and increase the value of seafood exports to Singapore, Mr. Cao Xuan Thang recommended that 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 are due to partners’ failure to comply with allergy warning labels and some import conditions.

This shows that 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 the Agreements. free trade (FTA) of which Vietnam is a member. At the same time, regularly update local regulations, especially regulations on quality standards, product labels, etc.

Along with actively participating in exhibitions, strengthening brand promotion, promoting products, and increasing the presence of Vietnamese goods in international markets, businesses also need to improve their competitiveness, Maintain stable product quality and maintain reputation with international partners.

The Vietnam Trade Office in Singapore also noted that Vietnamese businesses need to carefully verify partner information before signing, delivering goods and making payments, avoiding risks in business transactions.