Việt Nam remained Singapore's 5th largest exporter of aquatic products for three straight quarters. — VNA/VNS Photo Hồng Đạt

Việt Nam remained Singapore's 5th largest exporter of aquatic products for three straight quarters, the Việt Nam Trade Office in the city-state has said.

Statistics from the Singaporean Accounting and Corporate Regulatory Authority showed that during January-September, the country imported nearly SGD839.1 million (US$635.24 million) worth of aquatic products from nearly 100 countries and territories, a decrease of 4.51 per cent from the same period in 2023.

The top exporters of aquatic products to Singapore during the period were Malaysia with a 13.42 per cent market share, Indonesia 10.98 per cent, Norway 10.34 per cent, China 9.81 per cent, Việt Nam 9.22 per cent, and Japan 8.42 per cent.

Commercial Counselor Cao Xuân Thắng, Head of the Việt Nam Trade Office in Singapore, said the above statistics demonstrated the important position and role of Vietnamese aquatic products in the Singapore market.

However, to increase market share sustainably, increasing the ranking and export value of aquatic products to Singapore, Việt Nam needed to continue improving the product quality.

He noted that high inflation and the trend of tightening spending in Singapore were also major challenges for exporters, including Việt Nam.

Countries that can take advantage of logistics and reduce costs would create a greater competitive advantage in exporting goods to Singapore, Thắng added. — VNS