Vietnam emerges as fifth largest provider of seafood to Singapore

Vietnam has become the fifth largest supplier of aquatic products to Singapore for the first time among the top 15 seafood exporters to this market, according to information given by the Vietnam Trade Office in Singapore.

Singapore imported seafood products worth nearly US$250 million during the first quarter of the year from 100 countries around the world, down 5.67% against the same period from last year.

Malaysia takes the lead among the top 15 seafood exporters to the Singaporean market, followed Norway, Indonesia, China, and Vietnam.

At present, Malaysia, Norway, Indonesia, China, and Vietnam account for 13.6%, 11.45%, 11.13%, 10.15%, and 8.58% of the market share in Singapore, respectively.

In particular, the export turnover of Vietnamese seafood to this market during the three-month period surged by 3.22% to reach more than US$17.6 million on-year.

Cao Xuan Thang, Vietnamese Trade Counselor in Singapore, revealed that the city island nation has continuously diversified import markets in a bid to ensures sufficient food supply, which in turn has created fierce competition among suppliers.

In addition, rising inflation has also posed a big challenge for seafood exporters to this market, including Vietnam.

Moreover, Vietnamese businesses are recommended to take full advantage of free trade agreement (FTAs), regularly update local regulations on quality standards, product labels, actively participate in trade fairs and exhibitions, as well as strengthen brand development to further boost exports to the demanding market.

(Source: https://vietnamnet.vn/)