Singapore's level of seafood self-sufficiency is only 10%, an opportunity for Vietnam

At the Vietnam - Singapore Seafood Business Connection Conference, organized by the Vietnam Association of Seafood Exporters and Producers (VASEP) in coordination with the Vietnam Trade Office in Singapore and the Ho Chi Minh City Department of Foreign Affairs on the afternoon of June 25, many opinions said that Singapore, although a small market, is a gateway for Vietnamese seafood to access other countries.

Specifically, Ms. To Thi Tuong Lan, Deputy Secretary General of VASEP, said that Vietnam's seafood industry has advantages and is focusing on developing processed products with high added value.

Conference on connecting trade between Vietnamese and Singaporean seafood enterprises

According to Ms. Tuong Lan, Vietnam also has the advantage of developing aquaculture and processing shrimp and pangasius for export all year round. “In terms of scale, Singapore, although a small consumer market, is an important gateway for Vietnamese goods in general, and seafood in particular, to reach many other countries in the region and the world,” Ms. Lan said.

While Vietnam has strengths in production and processing, Singaporean enterprises have very good international trade skills. Vietnam and Singapore are both members of many free trade agreements in the region and the world, and their geographical proximity is very convenient for transportation. Therefore, Vietnamese enterprises can take advantage of trade cooperation with Singaporean enterprises to access and expand export markets to different countries and regions. However, Ms. Lan also noted that Vietnamese seafood enterprises also need to research and select appropriate market segments to create competitive advantages.

Sharing more about the Singapore market, Mr. Cao Xuan Thang - Head of the Trade Office of the Vietnamese Embassy in Singapore said that Singapore has almost no seafood production activities, Singapore's level of food self-sufficiency is only about 10%, the rest is imported from outside. Singapore is a multi-ethnic country, each ethnic group has a different diet, but seafood meets the needs of most ethnic groups. Vietnamese seafood products are increasingly appearing in Singapore and are highly appreciated by consumers for their quality.

Notably, Singapore is the commercial service center of the entire region and a transit point for exporting goods around the world from China, Russia, the Middle East, to Europe... Therefore, connecting Vietnamese - Singaporean seafood businesses brings many benefits when through this country's partner network, Vietnamese seafood can be promoted everywhere, including markets that Vietnamese businesses have not yet reached.

“ The Singaporean market can pay high prices to buy quality products. However, if an exporting enterprise violates quality and food safety standards just once, it will almost have no chance to bring its goods to this market. Therefore, Vietnamese enterprises that have met the export standards to Singapore need to maintain stable and sustainable quality to maintain their reputation and long-term cooperation ,” Mr. Cao Xuan Thang noted.

Mr. Tran Phuoc Anh - Director of Ho Chi Minh City Department of Foreign Affairs:

The Vietnam-Singapore strategic partnership is developing very well in many areas from political diplomacy, economic diplomacy, and people-to-people exchange. In particular, economic cooperation between the two countries has achieved many great achievements. Singapore currently ranks 3rd out of 70 countries and territories in terms of the number of investment projects in industrial parks in Vietnam. In addition to strengthening cooperation in new and potential areas such as green economy, circular economy, clean energy, and climate change response, the two countries have regularly maintained and promoted cooperation in traditional areas, including fisheries.

Source: https://congthuong.vn/muc-do-tu-chu-thuy-san-cua-singapore-chi-10-co-hoi-cho-viet-nam-328186.html