Statistics showed that in the first half of this year, the value of Singapore’s seafood imports (code HS:03) from Viet Nam reached 57.2 million SGD (42.33 million USD), up 10.8% year-on-year, accounting for 10.2% of the total import market share of seafood in Singapore.
Currently, fish fillets and chilled/frozen fish (HS:0304) represent the highest import value among Vietnamese aquatic products into the Singaporean market, reaching 29 million SGD in H1, up 2.1% year-on-year, and accounting for 29.6% of the market share. This is also the category in which Vietnamese products have maintained a dominant position in this market.
Viet Nam has only two other seafood categories with significant import values into Singapore: processed or unprocessed crustaceans (HS:0306), and processed or unprocessed molluscs (HS:0307), which reached 12.5 million SGD and 7.1 million SGD, accounting for 9.4% and 12.4% of the market share, respectively. Despite relatively modest import values and room for growth, these two categories have recorded positive growth rates of 13.3% and 172.1% in the first six months of this year.
Viet Nam’s Trade Counsellor in Singapore, Cao Xuan Thang, said that in the coming time, with Singapore’s import seafood market remaining stable, Viet Nam is likely to maintain a high market share in the fish fillets and chilled/frozen fish category. However, for other categories, especially processed or unprocessed crustaceans, and processed or unprocessed molluscs, Viet Nam will face competition not only from Malaysia and Indonesia but also from countries such as China, Japan, and India.
