Vietnam - US seafood trade: A 30-year review

The year 2025 marks the 30th anniversary of the normalization of diplomatic relations between Vietnam and US (1995 - 2025). Over this period, Vietnam - US seafood trade has expanded from a modest few dozen million dollars to nearly USD 2 billion a year, firmly establishing the US as Vietnam’s largest seafood export market for many consecutive years.

According to Le Hang, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood exports to US started from a very limited base in the late 1990s. In 1997, export value reached only USD 39 million, mostly frozen shrimp. The trajectory shifted after the signing of the Vietnam - US Bilateral Trade Agreement (BTA) in 2000, when seafood exports jumped to nearly USD 300 million, ushering in more than two decades of rapid growth.

A key turning point came in 2007, when Vietnam joined the WTO. From there, seafood exports to the US expanded strongly, exceeding USD 700 million in 2008, crossing the USD 1 billion mark in 2010, and stabilizing between USD 1.1 - 1.7 billion from 2011 to 2014. “From 2010 to 2014, shrimp, pangasius and tuna, our three core product groups surged simultaneously, sending total export value to a record USD 1.74 billion in 2014,” Le Hang said.

Despite severe disruptions from the COVID-19 pandemic and global supply-chain breakdowns, exports to US remained resilient. Export value reached USD 1.62 billion in 2020, climbed to USD 2.05 billion in 2021, and peaked at USD 2.15 billion in 2022.

“After the upgrade of bilateral ties to a Comprehensive Strategic Partnership in September 2023, inflation, high inventories and tighter consumer spending in the US affected demand. Yet exports remained substantial, USD 1.56 billion in 2023, rebounding to USD 1.82 billion in 2024, and projected to reach nearly USD 1.95 billion in 2025. Compared with USD 39 million in 1997, Vietnam’s seafood exports to the US have increased nearly 50-fold,” she noted.

Shrimp has led the export portfolio over the past 30 years. From USD 32 million in 1997, shrimp exports peaked at more than USD 1.06 billion in 2014, remained between USD 800 million and USD 1.05 billion in recent years, and are projected at USD 814.7 million in 2025.

Pangasius rose sharply from the early 2000s, particularly between 2010 and 2018, with several years reaching USD 300 - 550 million. Despite volatility driven by anti-dumping duties and rising compliance costs, pangasius exports are expected to remain above USD 330 million in 2025.

Tuna has also expanded steadily from a very small base in the late 1990s to nearly USD 487 million in 2022 and currently ranges between USD 350 - 390 million annually. Other products including marine fish, crab, squid, octopus and mollusks are contributing more strongly, reflecting ongoing diversification in Vietnam’s export mix.

Adapting for sustainable development

To maintain momentum and move into a “new era,” Vietnam’s seafood industry must stay prepared for shifts in US market from strategy and risk management to environmental and social standards. Enhancing product quality, strengthening supply-chain transparency, reducing emissions and advancing digital traceability have become essential requirements.

Vietnam and US have little direct competition in seafood; instead, the two markets complement each other. Greater access for Vietnamese seafood benefits US consumers and supports Vietnam’s imports of soybeans and grains for aquaculture feed, reinforcing a two-way value chain.

“Over 30 years, Vietnam - US seafood trade has progressed from early engagement to deeper integration and now toward sustainability. With ties elevated to a Comprehensive Strategic Partnership, prospects for stable, transparent and long-term development in the US market are clearer than ever,” Le Hang emphasized.

Le Hang, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), emphasized that behind the sector’s steady expansion lie persistent, systemic challenges. Foremost among them are the long-running anti-dumping duties on shrimp and pangasius, which have spanned more than two decades and kept legal costs and commercial risks for Vietnamese exporters at consistently elevated levels. She added that the MMPA requirements for wild-caught seafood with stringent rules on marine mammal protection and full traceability continue to pose a significant hurdle for the industry’s long-term competitiveness.