A recent conference in Ho Chi Minh City brought together fishing companies from Vietnam and Singapore to explore opportunities for cooperation in the fishing industry. The event, organized by the Vietnam Association of Aquatic Products Exporters and Producers (VASEP), the Vietnam Trade Office in Singapore, and the Department of External Affairs in Ho Chi Minh City, highlighted the potential for growth in shrimp production and trade between the two countries.

Vietnam’s Shrimp Industry Focuses on High-Value Products

According to To Thi Tuong Lan, deputy secretary-general of VASEP, Vietnam’s fishing industry is shifting its focus towards developing high-value added processed products. With a strong advantage in breeding, processing, and exporting shrimp and fish, Vietnam is well-positioned to capitalize on the growing demand for high-quality seafood products in Singapore.

While Singapore may be a small consumer market, it serves as an important gateway for Vietnamese products, including seafood, to reach other countries in the region and globally. To Thi Tuong Lan noted that Vietnamese companies can leverage Singapore’s expertise in international trade to access new markets.

Benefits of Cooperation

The close geographic location of Vietnam and Singapore makes it an ideal partnership for seafood trade. The two countries are also members of several free trade agreements, providing a favorable environment for cooperation. Cao Xuan Thang, head of Vietnam’s trade office in Singapore, reported that Vietnamese seafood has received positive feedback from consumers in Singapore and that partnerships with Singaporean companies could lead to greater opportunities for Vietnamese products to reach new markets.

The chairman of the Seafood Association Industries Singapore (SIAS) emphasized that cooperation between Vietnamese and Singaporean companies will not only increase trade turnover between the two countries but also promote the development of seafood trade and distribution networks in the region. This partnership has the potential to help Vietnamese shrimp products reach more markets worldwide.