Vietnam Emerges as Singapore's Fifth Largest Exporter of Aquatic Products

In a significant development, Vietnam has achieved a new milestone by becoming Singapore's fifth-largest exporter of aquatic products. This achievement marks the first time Vietnam has surpassed Japan to secure this position. The Vietnamese Consulate in Singapore's Trade Office has confirmed this remarkable growth in the first quarter of 2024.

Vietnam's Rise in Singapore's Aquatic Product Exports:

According to the statistics provided by the Singapore Enterprise Development Agency, Singapore imported aquatic products from nearly 100 countries and regions, amounting to approximately $340 million in the first three months of 2024. However, this figure reflects a 5.67% decline compared to the previous year. Among the aquatic products imported by Singapore, shrimp, crabs, and other crustaceans hold a significant market share, accounting for nearly 25% of the total consumption.

Singapore's Top Export Partners:

Singapore's top fifteen aquatic product export partners include Malaysia, Norway, Indonesia, China, and now Vietnam. Vietnam's rise to the fifth position represents a notable shift in the export landscape, surpassing Japan. Vietnam's aquatic products currently hold an 8.58% market share in Singapore. Malaysia, Norway, Indonesia, China, and Japan's market shares stand at 13.60%, 11.45%, 11.13%, 10.15%, and 8.34%, respectively.

Vietnam's Competitive Advantage:

Each country possesses unique advantages in specific product categories, dominating different segments of the market. Vietnam's strengths lie in frozen fish fillets and processed fish, with market shares of 26.85% and 16.88%, respectively. In the first quarter of 2024, Vietnam's export value of aquatic products to Singapore exceeded $24 million, representing a growth rate of 3.22% and capturing an 8.58% market share. Notably, Vietnam experienced a significant surge in the export of live fish in 2023, registering a growth rate of 29.27%, while exports of aquatic products, frozen fish, and mollusks declined significantly.

Increasing Competition and Ensuring Quality:

Gao Chunsheng, Chief Representative and Commercial Counselor of Vietnam's Trade Office in Singapore, emphasized that Singapore consistently seeks to diversify its import markets through a policy of diversified sources. This approach aims to ensure food supply security while intensifying competition among exporting countries. The statistics mentioned above underscore the importance of Vietnamese aquatic products in the Singaporean market. To maintain and improve its ranking, increase market share, and boost export value to Singapore, Vietnam must continue to enhance the quality of its aquatic products.

Vietnam's ascendancy to become Singapore's fifth-largest exporter of aquatic products is a noteworthy accomplishment. Surpassing Japan in this regard demonstrates Vietnam's growing presence and competitiveness in the Singaporean market. As Vietnam continues to strengthen the quality of its aquatic products, it is well-positioned to capitalize on the opportunities presented by Singapore's diverse and evolving import market.