May 2025: Vietnam's seafood exports accelerate during the "golden period"

Vietnam's seafood export turnover in the first five months of 2025 reached over $4.34 billion, up 22% compared to the same period in 2024. In May, exports hit nearly $997 million, marking a 20% increase. Notably, the U.S. market stood out with a turnover of over $234 million in May, surging 61% year-on-year—the highest growth among major markets.

This sharp rise was mainly driven by a “policy gap” in U.S. tariffs. From April 9 to July 9, 2025, the U.S. applied a temporary 10% tariff on imports from Vietnam, significantly lower than the previously warned 46%. Seizing this window, many Vietnamese enterprises accelerated deliveries.

In the first five-month period, shrimp remained the leading export item with a turnover of more than $1.71 billion, up 32%. In May, shrimp exports reached over $415 million - the highest monthly figure of the year. Pangasius also saw positive growth of 11% over five months, with a strong 13% increase in May, contrasting with a modest 4% rise in April.

Pangasius exports to the U.S., which had plummeted in April, rebounded by 35% in May—a clear testament to businesses' flexible adjustments in delivery schedules.

Similarly, tuna exports also showed signs of recovery, albeit at a slower pace. After a slight decline in April, tuna exports rose by 7.6% in May, bringing the total five-month export value to over USD 405 million - an increase of 5%. Other product groups such as squid - octopus, crabs and bivalve mollusks also posted strong growth, with bivalve mollusks achieving an impressive 63% increase.

On the market side, the U.S. remained the most volatile. In the first five months of the year, exports to this market reached $774 million, up 27%. However, the sharp growth in May was largely time-sensitive. If the tariff reverts to the projected 46% after July 9, 2025, many enterprises will be forced to halt shipments, risking a sharp decline in orders in the third quarter.

Meanwhile, the EU and Japan recorded steadier growth of 14% and 18% respectively over the five-month period. China and Hong Kong continued to serve as key pillars, with exports surging by 50%, especially for shrimp (+90%) and bivalve mollusks (+285%).

However, behind this short-term growth, Vietnam’s seafood industry faces significant challenges from U.S. tariff policies. A potential 46% countervailing duty would inflate costs, create a compounding tax burden, and push many businesses—especially small ones—into precarious positions. The consequences could extend beyond lost orders, potentially disrupting entire supply chains and increasing localized unemployment in seafood-producing regions.

Competitors like China, India, Thailand, and South American salmon producers are also maneuvering to either cope or capitalize on market share opportunities. Notably, exporters from Latin America, such as Brazil and Chile, are poised to benefit if Vietnam is squeezed out of the U.S. supply chain due to high tariffs.

Vietnam’s seafood export outlook for 2025 hinges heavily on the tariff scenario post-July 9. If the tariff remains at 10% or is eliminated, Vietnam could maintain or exceed $10 billion in exports. However, a 46% tariff could drag the annual turnover down to $9 billion, with lingering risks.

Vietnam’s seafood exports are demonstrating strong recovery and adaptability amid uncertainties. Yet, the sustainability of growth in the second half of 2025 will largely depend on U.S. trade policies. This will be the pivotal factor shaping Vietnam’s seafood industry landscape in 2025.