The US emerged as a standout market for Vietnam’s seafood exports in May, with export value soaring to over US$234 million, up 61% year-on-year, the highest growth rate among all major markets, the Vietnam Association of Seafood Exporters and Producers (VASEP) reported.

Seafood exports to the US reached $774 million in the first five months of this year, up 27%.

"This surge mainly stems from the 'window' created by the temporary 10% US tariff on Vietnamese goods, effective from April 9 to July 9, which is significantly lower than the previously warned 46%," said Le Hang, VASEP's Deputy Secretary General. "Many businesses accelerated shipments during this period," she added.

From January to May, seafood export revenue totaled over $4.3 billion, a 22% year-on-year increase. In May alone, exports reached nearly $997 million, up 20% on year.

Shrimp remained Vietnam’s top seafood export, earning more than $1.7 billion from January to May, a 32% year-on-year increase.

Pangasius (tra fish) exports grew 11% in the first five months. Notably, pangasius exports to the US, which had declined in April, rebounded by 35% in May. "This reflects exporters' flexible adjustments to their delivery schedules," VASEP noted.

Tuna exports grew more moderately, with a 7.6% increase in May and a 5% increase year-to-date, totaling over $405 million. Other product categories, such as squid, octopus, crab, and shelled mollusks, also posted robust growth. Notably, shelled mollusks saw a 63% surge.

Vietnam’s seafood export outlook

If the current 10% baseline tariff is maintained or lifted, total seafood export turnover could exceed $10 billion. However, if the US imposes a 46% tariff as threatened, export revenue could drop to around $9 billion, posing extended risks for the sector.

The VASEP warned that a 46% tariff would significantly elevate operational costs, creating overlapping tax burdens and jeopardizing the stability of many small businesses. These firms would risk losing export orders and may face broken supply chains and increased localized unemployment in seafood-producing regions.

Meanwhile, competitors such as China, India, Thailand, and South American salmon producers are adapting quickly to secure a larger market share.

Vietnam’s seafood exports to the EU and Japan have shown more stable gains, growing 14% and 18% respectively in the first five months of 2025. Notably, China and Hong Kong recorded a 50% increase, particularly in shrimp (up 90%) and shelled mollusks (up 285%). 

Despite this strong performance in other markets, none match the scale and impact of the US market for Vietnam’s seafood exporters.

The VASEP noted the growth trajectory of Vietnam’s seafood exports in 2025 will largely depend on the US tariff scenario after July 9.