Vietnamese seafood likely to get bigger market share in US

The US became Vietnam's largest export market last year, with trade reaching $97 billion, or 27% of Vietnam's total export turnover. The two countries have a long-standing history of seafood trade, with Vietnam exporting approximately $1.5 to $2 billion worth of seafood to the US annually, including shrimp, tuna, and pangasius, which account for 18-23% of Vietnam's total seafood exports. The US, in turn, imports a significant amount of seafood from Vietnam for processing and re-export. However, the seafood industry in both countries faces challenges such as tariff barriers, including anti-dumping and anti-subsidy taxes on shrimp and pangasius. There is hope for these industries as the US is considering recognizing Vietnam as a market economy, a decision expected in July, which could lead to the relaxation of these taxes and other trade barriers, potentially increasing investment interest in the Vietnamese seafood industry and enhancing trade opportunities between the two countries.