Vietnam’s seafood exports reached USD 5.2 billion in the first half of 2025, up nearly 19% year-on-year. Shrimp remained the leading export product, contributing over USD 2 billion — a 26% increase compared to the same period in 2024. However, overall growth is showing signs of slowing, especially in June, when monthly export value rose by just 4% to USD 876 million.
U.S. Imports Down Amid Rising Concerns Over Tariff Retaliation
June 2025 saw a sharp 26% decline in seafood exports to the U.S. compared to June 2024. This drop is largely attributed to cautious business behavior ahead of the anticipated U.S. reciprocal tariffs, set to take effect after July 9. Many companies rushed shipments before the deadline, while others delayed or paused exports altogether to avoid potential high duties — directly impacting industry-wide growth momentum.
Strong Gains in Asian Markets, Declines in Europe and the Middle East
In contrast to the U.S., exports to key Asian markets — including China, Japan, South Korea, and ASEAN — maintained strong growth in June, increasing by 15–28%. Shipments to the EU were mostly stable, down just 1% year-on-year. Meanwhile, exports to the Middle East dropped by 16%, driven by ongoing regional conflicts. Notably, shipments to Israel — a major market for canned tuna — fell by over 50%.
Tuna Suffers Major Decline, Shrimp and Pangasius Growth Slows
Among Vietnam’s key seafood products, tuna experienced the steepest decline in June, down 31% year-on-year, largely due to its high dependence on the U.S. market. Shrimp and pangasius (tra fish) also showed signs of slowing growth amid concerns over tariff risks. By the end of June, pangasius exports reached USD 1 billion (up 10%), while tuna exports dipped by 2%.
Vietnamese Shrimp Faces Triple Threat in the U.S. Market
Vietnam’s shrimp sector is under significant pressure from three types of tariffs in the U.S. market: retaliatory tariffs, anti-dumping duties, and countervailing duties. These combined risks threaten to erode Vietnam’s competitive edge against other major shrimp-exporting nations like Ecuador, India, Thailand, and Indonesia — all of which enjoy lower tariffs.
On a more positive note, the pangasius sector received encouraging news: the U.S. Department of Commerce (DOC) announced final results of the 20th administrative review (POR20), granting seven Vietnamese exporters a 0% anti-dumping duty rate. This development is expected to boost pangasius export potential to the U.S. in the latter half of the year.
Source VASEP
