Vietnam ranks fifth among suppliers of aquatic products for Singapore
According to its Trade Office in the city-state, Vietnam jumped one place to become the fifth-largest exporter of aquatic products to Singapore for the first time in the first quarter of this year.
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Vietnam’s aquatic exports to Singapore reached over 24 million SGD (17.64 million USD) during January - March, gaining a market share of 8.58 percent.
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| Vietnam ranks fifth among aquatic product suppliers for Singapore. |
Statistics from the Singaporean corporate regulatory authority showed that during the time under review, the country imported nearly 340 million SGD worth of aquatic products from nearly 100 countries and territories, a decrease of 5.67 percent from the same period in 2023. It mainly imported shrimp, crab, crustacean, fresh fish, chilled fish, fish fillet, frozen fish, and mollusk.
The top exporters of aquatic products to Singapore during the period were Malaysia with a 13.6 percent market share, Norway with 11.45 percent, Indonesia with 11.13 percent, China with 10.15 percent, Vietnam with 8.58 percent, and Japan with 8.34 percent.
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, said Singapore has continuously expanded and personified supply sources to ensure food security, but this has also boosted competition among seafood exporters to the country.
Moreover, rising inflation is a big challenge for the fisheries industry of the countries exporting to Singapore, including Vietnam. Thang noted that any country that can capitalize on logistics advantages and minimize costs will gain a greater competitive edge in exporting to Singapore.
He said that Vietnam needs to improve product quality further to maintain and raise its ranking and market share and increase export value in this market.
Businesses also need to study and use the free trade agreements Vietnam has joined while regularly participating in trade fairs, promoting their brands and products, increasing the presence of Vietnamese goods in international markets, improving their competitiveness, and ensuring quality consistency.
In addition, according to Thang, they are suggested to be careful in verifying information about partners delivering goods and making payments to avoid risks in business transactions.
(Source: VNA)
