Vietnam secures top five spot in Singapore's seafood market
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
Last year, the city-state imported seafood from nearly 100 countries and territories, with total value approximating SGD1.17 billion (US$865 million), marking a 2.58% decline compared to 2023.
The main seafood products dominating Singapore’s market included crustaceans such as shrimp and crabs (HS0306), accounting for 23.74% of total consumption; frozen fish (HS0303), 18.84%; fresh or chilled fish (HS0302), 18.08%; fish fillets and frozen or chilled fish meat (HS0304), 16.94%; and mollusks (HS0307), 11.29%. Other categories, including fresh fish, processed fish, and aquatic products, held smaller shares of 3.36%, 5.04%, and 2.71%, respectively.
Among Singapore’s top 15 seafood suppliers, Malaysia retained its leading position with a 12.98% market share, followed by Indonesia (11.05%), Norway (10.16%), China (9.98%), and Vietnam (9.68%).
Vietnam’s seafood export value to Singapore rose by 4.99% in 2024, reaching nearly SGD113.37 million. Notably, the shipments of mollusks surged by 117.92%. However, exports of fresh or chilled fish, frozen fish, and aquatic products recorded respective declines of 48.59%, 30.1%, and 31.82%.
Cao Xuan Thang, Vietnam’s Trade Counsellor in Singapore, emphasised Vietnam’s crucial role in the market. However, to sustainably increase its market share and export value, Vietnam must further enhance product quality, leverage logistical advantages, and minimise costs to strengthen its competitiveness in Singapore, he noted.
