Vietnam's seafood exports to Singapore saw a significant increase of 4.99% in 2024, reaching nearly SGD113.37 million ($83.6 million) and capturing a 9.68% market share.

According to data from the Singapore Accounting and Corporate Regulatory Authority (ACRA), cited by the Vietnam Trade Office in Singapore, the country imported seafood from nearly 100 countries and territories in 2024. The total import value amounted to approximately SGD1.17 billion ($863 million), reflecting a 2.58% decrease compared to 2023.

Among the top 15 seafood exporting countries to Singapore, Malaysia remains the leader, followed by Indonesia, Norway, and China. Notably, Vietnam surpassed Japan for the first time, securing fifth place for 12 consecutive months.

Statistical data indicates that Singapore's seafood market share is generally divided relatively equally among various partners, each possessing unique export strengths. Six countries hold the largest market shares, ranging from 9% to 13%, including Malaysia (12.98%), Indonesia (11.05%), Norway (10.16%), China (9.98%), Vietnam (9.68%), and Japan (8.87%).

Each country has its own strengths and dominates specific segments. Vietnam holds a strong position in the Singaporean seafood market with frozen fish fillets (30.30% share) and processed fish products (18.52% share).

The Vietnam Trade Office in Singapore noted that Singapore is continuously seeking to diversify its supply sources and expand import markets through various policies. This has led to increased competition among seafood exporters to Singapore.