Vietnam's seafood export growth slows in May due to US tariff policy

After months of strong growth since the beginning of the year, Vietnam's seafood exports showed signs of slowing in May 2025, reaching $851 million, a modest 2.7% year-on-year increase, marking the lowest growth rate since the start of 2025, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Cumulatively, the seafood export turnover in the first 5 months of the year stood at $4.2 billion, a year-on-year increase of 18.2%.

Ms. Le Hang, Deputy Secretary General of VASEP, explained that the slowdown was largely influenced by the US government’s announcement in April 2025 of a temporary 10% tariff on many Vietnamese imports, including seafood.

In response, Vietnamese seafood exporters rushed to accelerate shipments to the US in April and early May to avoid potential tariff hikes, which could climb to 46% after July 9, 2025, when the 90-day US tariff suspension come to an end.

As a result, seafood export turnover to the US in May 2025 still reached nearly $160 million, reflecting a 9.7% increase year-on-year.

However, a feedback from businesses suggests shipping activities slowed after May 20, as companies sought to mitigate trade risks amid rising costs, market volatility, and policy uncertainty, which ultimately impacted May’s overall export value.

Facing uncertainty over US tariff policies, many seafood companies have adjusted their market strategies, focusing on market diversification and value-added processing.

As a result, exports to CPTPP markets—including Japan, Canada, and Mexico—maintained strong growth momentum, reaching $224 million in May 2025, a 7.9% increase year-on-year, bringing the cumulative five-month total export value to these markets to $1.15 billion, representing a 24.3% increase year-on-year.

“Many seafood companies are actively developing value-added product lines, such as fish balls, marinated fish, canned fish, and collagen extracted from by-products,” said Ms. Hang, noting that these products cater to niche markets and the growing demand for convenience, especially in major Asian cities.

Exports to mainland China and Hong Kong (China) also saw impressive growth, with May exports nearing $185 million and the five-month total exceeding $900 million, marking increases of 22.3% and 48.6%, respectively.

According to VASEP, export activity to the US will remain cautious until July, when the final tariff rates for certain Vietnamese products will be determined.