How Will Trump’s New Tariff Policy Impact Vietnam’s Tuna Exports?
MEKSEA.COM – In 2024, Vietnam’s tuna industry saw remarkable growth, with export turnover reaching $989 million, up 17% from the previous year. The U.S. remained Vietnam’s largest export market, accounting for over 39% of total export revenue.
However, with new policy shifts from the Trump administration, Vietnamese tuna exporters are facing growing concerns. The latest trade policies, especially tariff adjustments targeting countries with significant trade deficits with the U.S., could have a direct impact on Vietnam’s tuna industry.
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Trends in Vietnam’s Tuna Exports to the U.S.
According to data from the International Trade Centre (ITC), Vietnam is currently the second-largest supplier of tuna to the U.S. market. The export value of Vietnamese tuna to the U.S. has been on a rapid upward trend.
Although Vietnam’s tuna exports to the US were strongly affected by the Covid-19 pandemic and the economic crisis in 2019, export turnover in 2024 still increased by 72% compared to 8 years ago. Throughout 2024, Vietnam’s tuna exports to the U.S. continued to grow steadily. While frozen tuna fillet/loin exports saw consistent growth, processed and canned tuna exports were more volatile, showing a downward trend, especially in the second half of the year.
How Will the New U.S. Tariffs Impact Vietnam’s Tuna Exports?
On February 1, 2025, immediately after taking office, U.S. President Donald Trump signed an executive order imposing tariffs on imports from the country’s three largest trading partners: China, Canada, and Mexico. This move presents an opportunity for Vietnamese businesses to expand their market share in the U.S. tuna industry, as key competitors face higher tariff pressures. However, this decision could also disrupt the U.S. canned tuna market. As import costs rise, retail prices may surge, potentially affecting consumer purchasing power.
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By Orange (Meksea Team)
(marketing1@mekseaconnection.com)
(Reference: VASEP)
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