The US has new moves with Vietnam's seafood industry.

(Dan Tri) - The US Soybean Export Council (USSEC) recently signed a memorandum of understanding (MOU) with the Vietnam Fisheries Association (VINAFIS), encouraging the use of US soybeans in aquatic feed.

Specifically, on October 13, the US Soybean Export Council (USSEC) signed a memorandum of understanding (MOU) with the Vietnam Fisheries Society (VINAFIS) to promote sustainable aquaculture practices, support international sustainability certification, and encourage the use of US soybean ingredients in aquaculture feed to improve quality and competitiveness.

The three-year agreement also focuses on technical training, knowledge exchange and professional cooperation to promote the overall development of Vietnam's fisheries sector.

Mr. Nguyen Viet Thang, Chairman of the Vietnam Fisheries Association, shared that according to the agreement, through training, cooperation and knowledge sharing, the two sides aim to improve industry standards and promote the global reputation of Vietnamese seafood products.

The US Soybean Export Council signed a memorandum of understanding (MOU) with the Vietnam Fisheries Association (Photo: VINAFIS).

The move comes after Vietnamese seafood was hit with the highest tax rate compared to competitors in the same field in the US market.

On August 7, the US announced that it would impose reciprocal tariffs on most of its trading partners at new rates, ranging from 10% to 41%. The 20% reciprocal tariff has officially taken effect in the US on imported goods from Vietnam, including seafood.

Compared to competitors such as Ecuador (15% tax), the Philippines and Indonesia (19%), or Thailand (19%), Vietnamese seafood products are subject to high taxes. In particular, the tax-on-tax mechanism when having to calculate other taxes such as anti-dumping, anti-subsidy and additional technical barriers as equivalent regulations under the Marine Animal Protection Act (MMPA), makes Vietnamese seafood products fall into a weaker competitive area.

In contrast, in terms of the seafood value chain, Vietnam is currently the third largest importer of US soybeans in Southeast Asia. In the 2023-2024 crop year, Vietnam is estimated to have imported 2.2 million tons of whole soybeans and 5.9 million tons of soybean meal to meet growing demand.

While the US soybean industry plays an important role in the seafood feed chain, it supports the continued growth of the industry. As demand increases, soybean meal consumption is expected to reach 6 million tons this year, reflecting the recovery in feed demand and the long-term growth momentum of the market.

Vietnam is also one of the five largest seafood producers in the world , with the aquaculture industry alone contributing 4-5% of the national GDP.

With this cooperation, the Vietnamese seafood industry is expected to combine with businesses in the US to build a seafood chain together, which is one of the solutions to overcome this difficult situation.

According to the cooperation agreement signed between the Vietnam Fisheries Association and USSEC, the two sides will cooperate extensively at home and abroad. Together, they aim to achieve long-term goals such as promoting sustainable fishing and aquaculture activities in Vietnam through technical training, knowledge exchange and industry information sharing; supporting the application of international sustainability certifications, including initiatives in line with the US Soy Sustainability Assurance Protocol (SSAP).

The partnership also promotes the use of U.S. soybean ingredients in aquaculture feeds where possible, to improve feed quality, environmental responsibility, and industry competitiveness, while expanding research collaboration, community outreach, and market access in the aquaculture and fisheries sectors.

Source: https://dantri.com.vn/kinh-doanh/my-co-dong-thai-moi-voi-nganh-thuy-san-viet-nam-20251015132647034.htm