According to VASEP, the US is a major, traditional, and leading market for global seafood, including that of Vietnam. Vietnam’s annual seafood export turnover to the US is approximately US$2 billion, accounting for one-fifth of the country’s total seafood export value. This market not only holds the largest share but also sets industry trends for Vietnam’s seafood industry. It is Vietnam’s No.1 consumer of shrimp and tuna, and second for pangasius.

Currently, over 400 Vietnamese enterprises are exporting or planning to export seafood to the US. Given the fiercely competitive market and anti-dumping tariffs, Vietnamese seafood exports to the US are primarily shipped DDP (Delivered Duty Paid), meaning Vietnamese firms bear all costs from transportation and insurance to taxes before delivery and must wait for payment from US partners.

Therefore, the new tariff will leave Vietnamese seafood businesses deeply concerned about losing this important market, especially as many shipments already en route may be hit with the 46% tariff.

According to preliminary statistics from VASEP, immediately following the US tariff announcement on April 2 (local time), about 37,500 tonnes of various seafood products are currently en route to the US and an additional 31,500 tonnes are scheduled for export in April-May 2025.

“These are extremely significant preliminary figures for the seafood industry. They represent not only the assets of farmers, fishermen, and businesses but also the livelihoods, investments, and production plans that have been prepared to supply the U.S. market, now under threat,” said Nguyen Hoai Nam, VASEP general secretary.

In light of this emergency, VASEP urged the Prime Minister and relevant ministries to quickly work out a negotiation plan with the US Government to support the seafood industry.

It recommended that competent agencies of Vietnam work closely with the US side to identify the unified timeline for their ongoing assignments, by applying the “load onto vessels” date shown on the Bill of Lading (B/L) as the official export date.

It suggested that both sides negotiate a tariff reduction to a more reasonable level, based on the fact that Vietnam is not a currency manipulator as per the latest US Treasury report; and Vietnam’s trade surplus with the US is part of global supply chains, with American companies also involved in producing many products. Furthermore, seafood is a staple food, and the imposition of higher tariffs will affect US consumers' access.

In the supply chain of the aquaculture industry, Vietnam has imported thousands of tonnes of soybean meal from the US with the current import tax rate of 0%.

So, VASEP suggested, negotiations with the US government should focus on avoiding the 46% tariff being applied to all goods indiscriminately. Instead, there should be separate tax rates for each product category based on the export list to the US with corresponding tariff rates.

It also recommended that the Vietnamese government consider lowering import tariffs to 0% for US seafood products, notably shrimp and tuna, though in reality, Vietnam imports very little seafood from the US, if any at all.

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