Potential for exporting seafood to Singapore

Recently, a trade connection conference between Khanh Hoa seafood businesses and businesses belonging to the Singapore Seafood Association. Thereby, businesses in the seafood industry of both sides have sought cooperation opportunities to expand the province's seafood export market to Singapore.

Potential market

Currently, Vietnam and Singapore have participated in many free trade agreements and comprehensive partnership agreements in the region. This is an opportunity for businesses from the province and Singapore to cooperate for development, including the seafood sector. In 2023, seafood exports from Khanh Hoa to Singapore reached 11.6 million USD, an increase of 9.1% compared to 2022; key products such as frozen fish, processed fish, shrimp, soft shell crab, molluscs... are all exported well to this market. According to information from the Vietnam Trade Office in Singapore, currently, favourite seafood products in the Singapore market are shrimp and crab (accounting for about 24%); frozen fish ( about 19.5%); cold water fish (about 17.5%); mollusks (about 12%)... of the seafood consumption market share in this country.

Enterprises of the Singapore Seafood Association cooperate to develop seafood exports with Khanh Hoa.

Le Ben - Director of Tri Tin Co., Ltd. said that Singapore is a very potential market for the province's seafood exports, including seaweed products that the company is developing. Tri Tin Co., Ltd. hopes to cooperate with Singaporean partners in developing deeply processed seaweed; green development cooperation, participating in the carbon credit market... Attending this conference, 17 large seafood processing and exporting enterprises in the province shared with their Singaporean partners their strengths to seek opportunities. cooperation for development.

According to Le Huu Hoang - Permanent Vice Chairman of the provincial People's Committee, Singapore has a developed economy and is a potential market for the province's agricultural products, aquatic products, and processed foods. The businesses belonging to the Singapore Seafood Association coming to Khanh Hoa to connect this trade are all large producers and traders, so trading with these businesses not only helps the province's seafood businesses expand their export markets. exports in Singapore but also develops into other markets through Singapore's major trading houses. Therefore, Le Huu Hoang hopes seafood enterprises in the province and Singaporean enterprises to share, connect and cooperate to develop together.

Cooperation for development

Fisheries are identified as an economic sector with an important position in the marine economic development strategy, making a major contribution to the province's socio-economic development, actively contributing to the transformation of agricultural economy in rural areas, creating jobs for more than 82,900 people, accounting for nearly 10% of the total number of local workers. Particularly in the field of seafood processing and export, the province has invested and built industrial parks and industrial clusters to concentrate seafood processing factories like at Suoi Dau Industrial Park (Cam Lam district), Dac Loc Industrial Cluster (Nha Trang City). Currently, the whole province has 149 enterprises and seafood processing facilities for domestic consumption and 64 seafood processing facilities for export certified by the Ministry of Agriculture and Rural Development to meet industry standards. Exported seafood products of enterprises in the province are present in 64 markets around the world.

Processing seafood in an enterprise in Suoi Dau Industrial Zone

10 businesses coming to Khanh Hoa to seek cooperation opportunities in the field of seafood this time were members of the Singapore Seafood Association. These are all businesses specializing in producing, processing, and supplying seafood products in the Singapore market and other countries in the region and around the world. The cooperation between Khanh Hoa seafood enterprises and Singapore seafood enterprises not only helps Khanh Hoa seafood penetrate this potential market but also access many other countries in the region and around the world. Through visiting aquaculture and seafood processing facilities for export in the province, businesses belonging to the Singapore Seafood Association expressed their impression of the strength of marine economic development, as well as the production capacity of the seafood companies. establishments and fisheries enterprises of the province. The Singapore Seafood Association hoped to cooperate with Khanh Hoa businesses to export seafood to Singapore. Kenneth Chia - Chairman of the Singapore Seafood Association affirmed that the Singapore Seafood Association will be a bridge to strengthen links and cooperation between Singapore and Khanh Hoa seafood enterprises, then connecting trade and supporting Khanh Hoa seafood enterprises to expand seafood export markets to Singapore and other countries."

In 2023, the export turnover of goods from Khanh Hoa to the Singapore market reached nearly 140.2 million USD, an increase of 46.8% compared to 2022, accounting for 8% of the province's total export turnover of goods. In the first 5 months of 2024, the export turnover of goods from Khanh Hoa to Singapore reached more than 116.2 million USD, 11.6 times higher than the same period last year, accounting for 12.7% of the total export turnover of province. Key export items include ships, seafood, wood products, garments...

Hai Lang
Translated by T.T