Việt Nam-Singapore seafood business networking conference

June 26, 2024 - 12:36
Vietnamese seafood products are increasingly being exported to Singapore through various promotional activities and participation in bilateral trade promotion programmes.
At the conference. — VNA/VNS Photo

HCM CITY — The Việt Nam Association of Seafood Exporters and Producers (VASEP), in collaboration with the Việt Nam Trade Office in Singapore and the HCM City Department of Foreign Affairs, organised a conference to connect Vietnamese and Singaporean seafood enterprises in HCM City on June 25, aiming to enhance cooperation in the seafood sector.

Trần Phước Anh, director of the HCM City Department of Foreign Affairs, said: “Việt Nam has proven its potential and market scale by rising to the third position globally in seafood exports, following China and Norway.

"HCM City, with its numerous industrial and processing zones, produces high-value seafood products, accounting for 10 per cent of the country's seafood export turnover and ranking among the top five provinces and cities leading the nation in seafood exports. This provides favourable conditions to promote cooperation between Vietnamese and Singaporean enterprises in this field.”

Additionally, Việt Nam and Singapore are both ASEAN members and share participation in multiple free trade agreements, including RCEP and CPTPP. Consequently, more Singaporean businesses are seeking opportunities in Việt Nam to build stable supply chains, connect, invest and leverage advantages to export seafood to other countries.

Cao Xuân Thắng, commercial counsellor and head of the Việt Nam Trade Office in Singapore, noted that Singapore lacks potential in seafood production. The country can only meet 10 per cent of its domestic food demand, with the remaining 90 per cent being imported from various countries, including seafood.

“Vietnamese seafood products are increasingly present in Singapore through various promotional activities and participation in bilateral trade promotion programmes. Moreover, Singaporean consumers highly appreciate the quality of Vietnamese seafood, which is an advantage for Vietnamese businesses,” said Cao Xuân Thắng.

Currently, Việt Nam's seafood industry faces challenges such as input material shortages, climate change impacts, urbanisation, changes in EU market regulations and a decline in export market share.

Tô Thị Tường Lan, deputy secretary-general of VASEP, representing seafood enterprises at the conference, said that among the top four leading export markets for Vietnamese seafood, only the US showed positive signs with a growth rate of 7 per cent. Exports to China, Japan, and the EU remained almost unchanged compared to the same period last year.

“The slow and cautious recovery of these markets necessitates the search for new material markets and the expansion of export markets. However, these markets demand high product quality, requiring serious investment from enterprises,” Lan said.

“Singapore has imported seafood products from many countries. Therefore, this market does not want to risk repeated violations when cooperating with enterprises that do not comply with regulations. Hence, while Vietnamese enterprises have done well in ensuring quality, it is crucial to maintain this quality assurance when entering the Singapore market,” Thắng said. — VNS