According to the Vietnamese Trade Office in Singapore, the export turnover of Vietnamese seafood to the Singapore market in the first six months of the year reached nearly SGD 51.7 million, accounting for 9.46% of the market share.

Statistics for the first half of the year show that, for the first time, Vietnamese seafood has maintained its position as the 5th largest partner of Singapore for two consecutive quarters, demonstrating the important position and role of Vietnamese seafood in this demanding market.

According to the Vietnamese Trade Office in Singapore, the export turnover of Vietnamese seafood to the Singapore market in the first six months of 2024 increased by 0.81% (with an export value of nearly SGD 51.7 million), accounting for 9.46% of the market share.

Export turnover increased sharply in the fresh fish category (up 25.42%), while it decreased significantly in three categories: chilled fresh fish (down 26.93%), frozen fish (down 39.42%), and aquatic products (down 23.08%).

Mr. Cao Xuan Thang, the Vietnamese Trade Counselor in Singapore, said that to sustainably increase market share, improve ranking, and enhance the export value of Vietnamese seafood to Singapore, Vietnamese enterprises need to further improve the quality of seafood products. They should also actively participate in the activities of the Trade Office to connect with associations and seafood enterprises in Singapore to increase the presence of Vietnamese goods in this market.

Statistics from the Singapore Enterprise Management Authority for the first half of 2024 show that Singapore imported seafood from nearly 100 countries and territories, with a total import turnover of about SGD 546.14 million, down 3.42% compared to the same period in 2023.

Among the top 15 seafood exporting countries to the Singapore market, Malaysia continues to lead, followed by Norway in second place, Indonesia in third, China in fourth, and Vietnam for the first time maintaining its 5th position for two consecutive quarters.

Malaysia has strengths in live fish and crustaceans such as shrimp and crab, with market shares in these two segments of 30.64% and 20.92%, respectively. Norway and Spain are strong in chilled and frozen fish products.

Vietnam dominates the Singapore seafood market with frozen fish fillets (accounting for 28.69%) and processed fish (accounting for 19.24%). China has an advantage in mollusk products (accounting for 32.53% of the market share), and Japan has an advantage in aquatic products (accounting for 37.81% of the market share).

To ensure food security, Singapore implements a policy of diversifying supply sources and continuously seeks to expand the import market through various policies. This increases competition among seafood-exporting countries to Singapore.