According to the Vietnam Trade Office in Singapore, data from the Accounting and Corporate Regulatory Authority of Singapore (ACRA) shows that in 2024, Singapore imported seafood from nearly 100 countries and territories, with a total import value of SGD 1.17 billion, down 2.58% year-on-year.
Singapore’s Seafood Import Structure
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The main seafood categories imported into Singapore include:
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Shrimp, crab, and crustaceans (HS0306): 23.74% of total market consumption;
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Frozen fish (HS0303): 18.84%;
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Fresh or chilled fish (HS0302): 18.08%;
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Fish fillets, fresh or frozen (HS0304): 16.94%;
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Mollusks (HS0307): 11.29%.
Other product groups, such as processed fish and aquatic invertebrates, account for smaller shares at 3.36%, 5.04%, and 2.71%, respectively.
Vietnam – A Steady Top 5 Exporter
Among the top 15 seafood exporters to Singapore, Malaysia continues to lead, followed by Indonesia, Norway, China, and Vietnam — which, for the first time, surpassed Japan to maintain the No. 5 position for 12 consecutive months in 2024.
Market shares of major exporters are distributed relatively evenly:
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Malaysia: 12.98%
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Indonesia: 11.05%
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Norway: 10.16%
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China: 9.98%
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Vietnam: 9.68%
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Japan: 8.87%
Each country dominates specific product segments:
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Malaysia: fresh fish, shrimp, and crustaceans (32.13% and 19.33%)
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Norway & Spain: fresh/chilled and frozen fish
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Vietnam: frozen fish fillets (30.3%) and processed fish (18.52%)
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China: mollusks (27.34%)
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Japan: aquatic invertebrates (40.09%)
The remaining market share is distributed among over 90 other suppliers, including Chile, India, Australia, Thailand, and the United States.
Vietnam’s Export Performance in 2024
Vietnam’s seafood exports to Singapore reached approximately SGD 113.37 million in 2024, up 4.99% year-on-year, accounting for 9.68% of the total market share.
Export growth was particularly strong in mollusks (HS0307), which increased by 117.92%.
However, there were declines in:
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Fresh/chilled fish (HS0302): -48.59%
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Frozen fish (HS0303): -30.1%
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Aquatic invertebrates (HS0308): -31.82%
Competitive Market and Strategic Recommendations
According to Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnam Trade Office in Singapore, maintaining the No. 5 position throughout 2024 marks an important milestone for Vietnam’s seafood industry in the Singapore market.
To sustain and expand market share, Vietnam must continue to:
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Enhance product quality and safety standards,
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Optimize logistics efficiency,
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Reduce production and shipping costs to stay competitive amid inflation and geopolitical tensions.
Singapore’s policy of diversifying supply sources also means growing competition among seafood exporters.
Trade Office Initiatives
The Vietnam Trade Office in Singapore is proactively:
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Connecting leading Vietnamese seafood exporters with Singaporean importers;
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Coordinating with the Singapore Seafood Industries Association to promote business partnerships;
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Supporting participation in trade fairs and exhibitions to enhance Vietnamese product visibility;
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Hosting business dialogues to share market insights and export best practices;
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Promoting Vietnamese seafood brands and building a strong market reputation in Singapore.