Vietnamese seafood exporters are turning to markets outside of the U.S. – a traditionally key export destination – due to proposed tariffs and growing protectionist measures implemented under the administration of President Donald Trump.
Total Vietnamese seafood exports in May were worth USD 851 million (EUR 738.4 million), which was up 2.7 percent from the same month a year earlier but marked a significant deceleration from the growth seen in earlier months this year, according to data from the Vietnam Association of Seafood Exporters and Producers (VASEP).
VASEP attributed the slowdown in May largely to the U.S. government's announcement in April of plans to impose tariffs on several Vietnamese imports, including seafood.
Exporters accelerated deliveries to the U.S. in April and early May to preempt a potential tariff hike, VASEP said, and because of this rush, Vietnamese seafood exports to the U.S. in May were worth nearly USD 160 million (EUR 138.8 million), which was up 9.7 percent year over year.
However, several businesses said they gradually reduced shipments after 20 May, citing increased cost pressures, market fluctuations, and policy uncertainty, according to VASEP.
Besides Trump’s tariff program, Vietnamese exporters are also grappling with a string of other unfavorable developments in the U.S. market...
