30 years of Viet Nam - US seafood trade: From emerging market to strategic export pillar

From market opening to breakthrough growth

In the late 1990s, Viet Nam’s seafood exports to the United States started from a very modest scale. In 1997, export turnover stood at just $39 million, consisting mainly of frozen shrimp. The landscape, however, changed fundamentally following the signing of the Viet Nam-US Bilateral Trade Agreement (BTA) in 2000. In the same year, seafood exports to the U.S surged to nearly $300 million, ushering in a period of rapid growth that would extend for more than two decades.

The next particularly significant milestone was 2007, when Viet Nam officially acceded to the WTO. From that point, Vietnamese seafood entered a phase of accelerated expansion in the US market. Export value quickly surpassed $700 million in 2008, exceeded the $1 billion mark for the first time in 2010 and remained broadly stable within the $1.1-1.7 billion range during 2011-2014 period.

The 2010-2014 period can be described as a phase of “overheated” growth for Vietnamese seafood in the U.S, as all three key product groups - shrimp, pangasius and tuna - posted strong gains. This momentum pushed total export turnover to a record high of $1.74 billion in 2014.

New dynamics in the 2020s

Entering the 2020s, despite sustaining heavy impacts of the COVID-19 pandemic and global supply chain disruptions, Vietnam’s seafood exports to the United States continued to demonstrate strong resilience. Export turnover reached $1.62 billion in 2020, surged to $2.05 billion in 2021 and hit a historic peak of $2.15 billion in 2022. This performance reflected a combination of post-pandemic demand recovery and the agile adaptability of Vietnamese enterprises.

Following the upgrade of bilateral relations to a Comprehensive Strategic Partnership in September 2023, seafood exports faced headwinds from inflation, elevated inventories and tighter consumer spending in the US. Nevertheless, export values remained substantial, totaling $1.56 billion in 2023, rebounding to $1.82 billion in 2024 and estimated at nearly $1.95 billion in 2025. Compared with the starting point of just $39 million in 1997, Vietnam’s seafood exports to the U.S have increased nearly 50-fold over the past three decades.

Shrimp - pangasius - tuna remain strategic pillars

Regarding commodity structure, shrimp has consistently been the leading export item over the past 30 years. From just over $32 million in 1997, shrimp exports to the US peaked at more than $1.06 billion in 2014, remained broadly within the $800 million-1.05 billion range in recent years and are estimated at $814.7 million in 2025.

Pangasius emerged strongly from the early 2000s, particularly during the 2010-2018 period, when export values in many years ranged from $300 million to $550 million. Despite volatility driven by anti-dumping duties and rising compliance costs, pangasius exports are expected to remain above $330 million in 2025.

Tuna has witnessed durable growth, increasing from negligible levels in the late 1990s to nearly $487 million in 2022, currently fluctuating between $350 million and $390 million per year. In addition, other product categories such as marine fish, crab, squid – octopus and bivalves are making increasingly positive contributions, reflecting a trend toward export product diversification.

Persistent challenges from tariffs and technical barriers

Alongside growth, the sector has faced a range of systemic challenges. Most notably, anti-dumping duties on shrimp and pangasius have persisted for more than two decades, keeping legal costs and trade risks at elevated levels for Vietnamese exporters. Furthermore, MMPA regulations regarding wild-caught seafood, along with stringent requirements on marine wildlife protection and traceability, continues to pose significant barriers to market access.

In the context of shifting U.S trade polices, a growing reliance on tariff measures and trade remedies, combined with increasingly stringent requirements on sustainability, supply chain transparency, labor responsibility and environmental compliance, is compelling Vietnamese seafood enterprises to fundamentally restructure their production and export models.

Entering a new era: Adapting for sustainable growth

To overcome these challenges and enter a “new era,” Vietnam’s seafood industry must cultivate a mindset of readiness for US market fluctuations - spanning market strategy, risk management to environmental and social standards. Enhancing product quality, strengthening supply chain transparency, reducing emissions and digitizing traceability systems are no longer optional but mandatory requirements.

From a structural perspective, Vietnam and the United States have limited direct competition in seafood products and instead exhibit a strong complementary relationship. Facilitating favorable conditions for Vietnamese seafood to the U.S market would not only expand choices for American consumers but also create opportunities for Vietnam to increase imports of U.S soybeans and grains for aquaculture feed, thereby fostering a more integrated, two-way value chain.

After 30 years, Viet Nam-US seafood trade has evolved from an exploratory and market-opening phase to one of barrier navigation, deep integration and a clear orientation toward sustainability. With bilateral relations elevated to a Comprehensive Strategic Partnership, expectations for a more stable, transparent and long-term development trajectory for Vietnamese seafood in the U.S market are stronger than ever.