According to the Association of Seafood Exporters and Producers (VASEP), the US is always the leading import partner of Vietnamese seafood. In 2022, Vietnam's seafood exports to the US reached a record of USD 2.15 billion, an increase of 80% compared to the level when Vietnam - US established the Comprehensive Partnership in 2013.

The main seafood products exported to the US have had a breakthrough in sales after 10 years. Accordingly, shrimp export turnover increases by 77% from USD 454 million in 2012 to USD 807 million in 2022. Previously, exports of this product reached a record revenue of USD 1 billion in 2021.

Similarly, pangasius export turnover also increased by 50% from USD 359 million to USD 537 million; Tuna export turnover doubled from USD 244 million to USD 489 million. These three industries account for over 80% of seafood export turnover to the US.

In addition, the US also increased imports of many other aquatic products from Vietnam such as crabs, clams, and other marine and freshwater fish species.

VASEP expects Vietnam's seafood trade with the US to have breakthroughs and be more sustainable after the state visit to Vietnam by President Joe Biden and the US high-level delegation, along with the Joint Statement on elevating Vietnam - US relations to Comprehensive Strategic Partnership.

Latest data show that in the first 8 months of this year, Vietnamese seafood exports to the US reached over 1 billion USD, decreased by 39% compared to the same period in 2022 due to increasing global inflation and falling export seafood prices.

In addition, high inventories of US importers from the second half of 2022 also cause importers' purchasing power to decrease, especially two key products, shrimp and pangasius. As of the end of August, shrimp exports to the US decreased by 30%, pangasius decreased by 58% compared to the same period last year.

In the opposite direction, the US is also a partner providing a number of important seafood products to the Vietnamese market. US seafood export turnover to Vietnam is about more than USD 60 million/year, mainly salmon, herring, flounder, pollock, cod, etc.

VASEP believes that the US is and will continue to be the leading strategic partner of Vietnamese seafood because of its position as a major economic power with the third largest population in the world and an increasing proportion of urban residents, especially the growth in the number of immigrants in this country is forecast to increase.

Kylie Nguyen