Surpassing Japan, Vietnam became the 5th largest seafood exporter to the Singapore market, in the first quarter of 2024, behind Malaysia, Norway, Indonesia and China.
| Vietnam for the first time surpassed Japan to become the 5th largest seafood export partner in Singapore. |
Sources from the Vietnam Trade Office in Singapore said that according to statistics from the Singapore Business Administration, in the first quarter of 2024, Singapore imported seafood from nearly 100 countries and territories with a total import turnover. Exports reached nearly 340 million SGD, down 5.67% over the same period in 2023.
In the first quarter of 2024, the export turnover of Vietnamese seafood to the Singapore market reached more than 24 million SGD, an increase of 3.22% over the same period last year.
Among the top 15 seafood exporting countries to the market SingaporeMalaysia continues to be the leading country, followed by Norway in 2nd place, Indonesia in 3rd place, China and Vietnam for the first time surpassing Japan to become the 5th largest seafood export partner to Singapore.
Data from The Singapore Enterprise Regulatory Authority shows that, market The seafood portion of the Singapore market is generally still divided equally between partners because each country has its own export strengths.
The 6 countries with the largest market share account for 9 – 13%, including: Malaysia accounts for 13.6% market share; Norway accounts for 11.45% market share; Indonesia accounts for 11.13% market share; China accounts for 10.15% market share; Vietnam accounts for 8.58% market share and Japan accounts for 8.34% market share.
Mr. Cao Xuan Thang, Commercial Counselor, Head of the Vietnam Trade Office in Singapore, said that to diversify supply sources, Singapore continuously searches for and expands import markets in many 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 minimizes costs will create a greater competitive advantage in exporting goods to this market.
To speed up seafood exports to Singapore in particular and the world market in general, the Vietnam Trade Office in Singapore recommends that Vietnamese seafood businesses research and take advantage of the effectiveness of free trade agreements. of which Vietnam is a member; Regularly update local regulations, especially regulations on quality standards, product labels, etc.
Vietnamese businesses increase participation in exhibitions, promote brands and 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.
Related to mA number of recent cases of recalling food products originating from Vietnam in Singapore, due to exporters’ failure to comply with allergen warning labels and some import conditions, said the agency’s representative. The Trade Office emphasized that Vietnamese businesses need to pay special attention to updating local regulations, maintaining the reputation of quality and brand of Vietnamese products.
