VASEP proposes negotiation plan with the US on reducing tariffs on seafood products

Shrimp is one of Vietnam's important seafood exports to the US. (Illustrative image)

Accordingly, VASEP proposed that the Government negotiate with the US to avoid applying the 46% rate to all products and separate tariff rates for each product according to the list of goods exported to the US, with corresponding rates.

The association also suggested that the Government consider proactively reducing import tariffs to 0% on seafood imported from the US, focusing on key products such as shrimp, tuna, etc., to create favourable conditions for negotiations with the US.

VASEP affirmed that Vietnam has favourable conditions for negotiation with the US. A recent US Department of the Treasury report stated that Vietnam does not manipulate its currency. Moreover, agricultural and seafood products are essential consumer goods for the American people. Therefore, reviewing and applying reasonable tariff rates would benefit US consumers. Additionally, within the aquaculture supply chain, Vietnam imports thousands of tonnes of soybean meal from the US, with the current import tariff at 0%.

VASEP’s proposal comes in the context of US President Donald Trump recently announcing reciprocal tariffs on imports from over 180 economies, with Vietnam among the countries facing the highest rate, up to 46%. The new tariff rate is expected to take effect from April 9.

This tariff is predicted to heavily impact many of Vietnam’s key economic sectors, especially the seafood industry. With a 46% tariff, significantly higher than those applied to competing exporting countries, Vietnam’s seafood industry risks losing its competitiveness in the US market. Competing countries enjoy much lower tariff rates (India: 26%, Ecuador: 10%, Indonesia: 32%, Thailand: 36%, etc.).

According to VASEP, the US is a major, traditional, and trend-setting market for global seafood, including Vietnamese products. Vietnam’s seafood exports to the US amount to about 2 billion USD per year, accounting for one-fifth of Vietnam’s total seafood export value. Over 400 Vietnamese companies are exporting or planning to export seafood to the US through large, high-value orders.

Preliminary data from VASEP also shows that approximately 37,500 tonnes of seafood products are en route to the US, and about 31,500 tonnes are scheduled for export in April and May 2025. Signed contracts for 2025 amount to about 38,500 tonnes.