Seafood exports may have to adjust turnover due to US tax policy

Shrimp exports are still facing difficulties due to tariff barriers. PHOTO: CHI NHAN

This morning, August 6, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a press conference on the plan to organize the Vietfish International Exhibition 2025 and provided some information related to seafood exports.

According to VASEP, seafood exports to all markets have grown well since the beginning of the year, with China surpassing the US for the first time to become Vietnam's largest seafood consumer with a turnover of 1.1 billion USD, up 45%. Lobster, pangasius, crab and molluscs are the product groups that have increased strongly. Total seafood export turnover since the beginning of the year has exceeded 5 billion USD, out of the target of 11 billion USD for the whole year.

Seafood businesses have been very flexible and dynamic in changing direction and finding new markets. The seafood industry still has support from the recovering demand in the Asian and EU markets, or even in the US market, which still favors Vietnamese seafood. However, the 20% reciprocal tax rate that the US market applies to all Vietnamese export products has had a strong impact on the export situation at the end of the year. If the 20% reciprocal tax scenario is applied from August 2025, the seafood export turnover for the whole year may be adjusted down to 9 billion USD compared to the target of 11 billion USD set at the beginning of the year.

Specifically, according to a representative of VASEP, the total seafood export turnover for the year could fluctuate between 9.2 and 9.5 billion USD depending on the development of the US anti-dumping tax assessment on shrimp in the next few months. However, seafood businesses still hope that the two governments will have further negotiations to further reduce taxes to meet the consumption needs of the US market.

Responding to Thanh Nien reporters' questions regarding the removal of obstacles regarding tuna catch sizes and the process of removing the IUU yellow card from Europe, Mr. Nguyen Hoai Nam, General Secretary of VASEP, said: Inadequate regulations on minimum catch sizes for some aquatic species have caused bottlenecks in raw materials for export processing enterprises and difficulties for fishermen. Up to now, the draft on the amendment is about to be approved by the Government, but it is still slower than expected. VASEP hopes that the Ministry of Agriculture and Environment will make official adjustments in August. Regarding the process of removing the IUU yellow card, Vietnam is currently one of the countries with a long warning period and many obstacles have not been removed. With the Government's strong determination, the seafood industry aims to remove the IUU yellow card this year./.

Vietfish 2025 is expected to contribute to creating new opportunities to help the seafood trade maintain its growth rate. The highlight of this year's exhibition orientation is to target the domestic market with booths and product processing demonstrations to directly market to domestic consumers.

At Vietfish 2025, businesses will have the opportunity to learn in depth and update the latest regulations in the fields of: Traceability, compliance with regulations on antibiotic residues, pesticides, international certifications (ASC, MSC, BAP...) and access modern technological solutions such as: Closed-loop aquaculture model, deep processing technology, creating value-added products, advanced freezing technology to help preserve product quality and flavor, ensuring high food safety standards...

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/xuat-khau-thuy-san-co-the-phai-dieu-chinh-kim-ngach-do-chinh-sach-thue-cua-my-185250806130527625.htm

Source: https://baolongan.vn/xuat-khau-thuy-san-co-the-phai-dieu-chinh-kim-ngach-do-chinh-sach-thue-cua-my-a200198.html