Vietnam's seafood export turnover maintains good market share in Singapore

Data from the Vietnam Trade Office in Singapore shows that in the first 9 months of 2024, Singapore imported seafood from nearly 100 countries and territories with a total import turnover of about SGD 839.1 million (USD 635.24 million), down 4.51% over the same period in 2023. However, Vietnam is still among the countries with the largest seafood market share in Singapore and for the first time, Vietnamese seafood has maintained the 5th position for 3 consecutive quarters.

Statistics from the Singapore Enterprise Authority show that the seafood product groups that account for a large proportion in the Singapore market include: Shrimp, crab, and crustacean products (HS0306), accounting for 24.24% of total market consumption; followed by fresh and chilled fish (HS0302), accounting for 18.71%; Frozen fish (HS0303) accounting for 18.55%; Fish fillets, chilled or frozen fish meat (HS0304), accounting for 16.94%; Molluscs (HS0307) accounting for 10.46%... Product groups such as fresh fish, processed fish, and aquatic products account for a relatively low proportion, respectively 3.55%; 4.81% and 2.73%.

Among the top 15 seafood exporters to the Singapore market, Malaysia continues to be the leader, followed by Indonesia, Norway, China, and Vietnam, which maintained its 5th position for the first time in 3 consecutive quarters.

Processing Vietnamese seafood products for export - Photo: Hong Dat/VNA

The seafood market share of the Singapore market is generally still divided equally among partners because each country has its own export strengths, of which the 6 countries with the largest market share account for 9-13%, specifically Malaysia (13.42%), Indonesia (10.98%), Norway (10.34%), China (9.81%), Vietnam (9.22%) and Japan (8.42%).

Malaysia has strengths in fresh fish and shrimp, crab and crustacean products with market shares in these two segments of 31.35% and 20.24% respectively. Norway and Spain have strengths in fresh chilled and frozen fish products.

Vietnam dominates the Singapore seafood market with frozen fish fillets (29.57%) and processed fish (19.57%). China has an advantage in mollusc products (29.34% market share) and Japan has an advantage in aquatic products (40.16% market share). The remaining market share is divided equally among more than 90 other partners, including Chile, India, Australia, Thailand, the US, etc.

In its policy of diversifying supply sources, Singapore continuously seeks and expands import markets with various policies. This makes competition among countries exporting seafood to Singapore increasingly fierce.

In the first 9 months of 2024, Vietnam's seafood export turnover to the Singapore market decreased by 2.51% (export value reached nearly 77.36 million SGD), accounting for 9.22% market share, although there was a good increase in the Fresh Fish group - HS0301 (up 19.33%), but there was a sharp decrease in 3 product groups: Chilled Fresh Fish Group (down 46.56%), Frozen Fish Group (down 35.42%), Aquatic Products Group - HS0308 (down 35.9%).

According to Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, the above statistics demonstrate the important position and role of Vietnamese seafood in the Singapore market. However, in order to increase sustainable market share, improve the ranking and export value of seafood to Singapore, Vietnam needs to continue to improve the quality of seafood products.

On the other hand, high inflation and tightening spending trends are also significant challenges for the seafood industry of countries exporting to Singapore, including Vietnam. Countries that can take advantage of logistics and reduce costs will create a greater competitive advantage in exporting goods to Singapore.

Source: https://vov.vn/kinh-te/xuat-khau-thuy-san-cua-viet-nam-duy-tri-tot-thi-phan-tai-singapore-post1131242.vov