Vietnamese seafood opens wide door to Singapore market

Information from the Vietnam Trade Office in Singapore, on September 4, 2024, at Mariba Bay Sands Singapore, the Trade Office of the Vietnamese Embassy in Singapore coordinated with the Vietnam Association of Seafood Exporters and Producers (VASEP), the Singapore Seafood Industries Association (SIAS), the Asia-Africa Market Department, the Ministry of Industry and Trade to organize a trade promotion program for the Vietnamese seafood industry in Singapore.

The Vietnam Seafood Trade Promotion Program in Singapore is part of the SEAFOOD EXPO ASIA 2024 exhibition with the participation of 15 countries and territories with nearly 360 participating enterprises. Vietnam has 16 seafood enterprises from Vietnam participating in the booth. The exhibition is expected to attract about 9,000 visiting partners.

Ribbon cutting ceremony to open Vietnam booth at SEAFOOD EXPO ASIA Singapore 2024

Mr. Cao Xuan Thang - Head of the Trade Office of the Vietnamese Embassy in Singapore emphasized that this is an activity to concretize the 2024 Economic Diplomacy Program to promote high efficiency, promote industrial investment in Vietnam, promote trade, promote brands, promote products, connect trade between Vietnamese and Singaporean enterprises... in the area.

Along with that, this activity also contributes to concretizing the key tasks of Directive No. 15-CT/TW dated August 10, 2022 of the Secretariat on economic diplomacy to serve national development to 2030 and the Government's Action Program to implement Directive No. 15/CT-TW, contributing to promoting deep and comprehensive international integration, promoting mobilization and attracting external resources to serve domestic socio-economic development drivers... concretizing the directions of the Party, State, Government and Ministry of Industry and Trade, contributing to strengthening economic cooperation, promoting exports and attracting foreign investment in Vietnam.

According to the Trade Office, Singapore is a transit market, a regional and global trade center, with great potential for Vietnamese seafood products. Therefore, the event will be a gateway for Vietnamese products to reach buyers of retail corporations, hotel chains, multinational restaurants and importers of other countries, especially frozen and processed seafood products.

Besides, promoting the brand of Vietnamese products in the international market to increase brand value is also an important step to increase the value of Vietnamese goods.

"To promote seafood exports to the Singapore market, it is very necessary and highly effective to integrate trade promotion activities and implement exhibitions and product displays, integrate with industrial investment promotion activities, trade promotion, brand promotion, product promotion, trade connection, increase the presence of Vietnamese goods, etc. in the area" - Head of the Vietnam Trade Office in Singapore commented.

According to statistics from the Singapore Enterprise Authority, the annual export turnover between Vietnam and Singapore reaches about 110 million SGD, accounting for 9% of Singapore's market share. Vietnam's seafood exports have surpassed Japan for the first time to become the 5th largest export partner to the Singapore market in the first two consecutive quarters of 2024, with Vietnam's total seafood export turnover to Singapore reaching nearly 52 million SGD, up 0.81% and accounting for 9.45% of the market share.

Leaders of the Fisheries Associations of Vietnam and Singapore took a photo together at the Fair.

Notably, information from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that among 15 countries competing in exporting seafood to the Singapore market, Vietnam has risen to become one of the five countries exporting the most seafood to this market. Accordingly, Vietnam's seafood 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) and only accounted for 8.58% of the market share.

Ms. To Thi Tuong Lan - Deputy Secretary General of VASEP acknowledged that with domestic consumption demand, Singapore has a system of restaurants and hotels serving a large number of tourists with an increasing demand for high-quality products.

“ 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 emphasized.

According to Ms. Lan, 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 close geographical location 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, Vietnamese seafood enterprises also need to research and select appropriate market segments to create competitive advantages.

Source: https://congthuong.vn/thuy-san-viet-nam-rong-cua-vao-thi-truong-singapore-343527.html