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VASEP PROPOSES NEGOTIATION PLAN WITH THE US TO REDUCE SEAFOOD TARIFFS
VASEP proposes negotiation plan with the US to reduce seafood tariffs. The Vietnam Association of Seafood Exporters and Producers (VASEP) has submitted an official request to the Prime Minister and relevant Ministries, including Foreign Affairs, Agriculture and Environment, Finance, and Industry and Trade, regarding the US announcement of reciprocal import tariffs of up to 46% on goods imported from Vietnam. In response, VASEP has also proposed a negotiation plan aimed at reducing tariffs on seafood products.
VASEP’s proposal suggests that the Government engage in talks with the US to avoid the application of the 46% tariff on all products. Instead, the association recommends that separate, product-specific tariffs be established based on the list of goods exported to the US, with appropriate rates for each category.
Furthermore, VASEP has urged the Government to consider proactively reducing import tariffs on US seafood products to 0%, focusing on key items like shrimp and tuna, to create a more favourable environment for negotiations with the US.
VASEP emphasised that Vietnam holds a strong position for negotiation with the US. A recent report by the US Department of the Treasury confirmed that Vietnam does not manipulate its currency. Additionally, agricultural and seafood products are essential consumer goods in the US, meaning that reviewing and adjusting tariffs could benefit American consumers. VASEP also pointed out that within the aquaculture supply chain, Vietnam imports significant amounts of soybean meal from the US, with a current tariff rate of 0%.
VASEP’s proposal comes amid US President Donald Trump’s announcement of reciprocal tariffs on imports from over 180 economies, with Vietnam facing one of the highest rates—up to 46%. This new tariff is expected to take effect on April 9.
The tariff increase is expected to heavily impact several key sectors of Vietnam’s economy, particularly the seafood industry. With a 46% tariff—much higher than the rates applied to competing exporting countries—Vietnam’s seafood industry could struggle to maintain its competitiveness in the US market. Competing nations enjoy much lower tariff rates, such as India (26%), Ecuador (10%), Indonesia (32%), and Thailand (36%).
VASEP highlighted that the US remains a major, traditional, and influential market for global seafood, including Vietnamese products. Vietnam’s seafood exports to the US are valued at approximately $2 billion annually, making up about 20% of the country’s total seafood export value. Over 400 Vietnamese companies are currently exporting or planning to export seafood to the US, often with large, high-value orders.
Preliminary data from VASEP shows that around 37,500 tonnes of seafood products are currently en route to the US, with an additional 31,500 tonnes scheduled for export in April and May 2025. Signed contracts for 2025 total approximately 38,500 tonnes.
