Latest news with #LeHang
The Star
4 days ago
- Business
- The Star
Vietnam seafood exporters face challenges but remain hopeful
In the first seven months of this year, exports were worth US$6.22bil, up 17.2% year-on-year. — Vietnam News HO CHI MINH CITY: Seafood exports are expected to face numerous challenges in the second half of this year, particularly due to US tariffs and raw material shortages. But demand is recovering in Asia and the European Union (EU). If a 20% tariff is slapped on Vietnam in August by the United States, exports for the year are projected to be only US$9bil, a 10% decline from last year, according to Le Hang, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers (Vasep). In the first seven months of this year, exports were worth US$6.22bil, up 17.2% year-on-year, she said, adding that this reflects improving demand, the adaptability of Vietnamese enterprises to global volatility, and efforts by exporters to accelerate shipments to the United States ahead of high tariffs imposed in August. Exports to major markets such as China, the United States, Japan, Progressive Agreement for Trans-Pacific Partnership countries, and the EU increased. Exports were up by 43% to China and 10.4% to the United States despite a 19.6% drop in July. Of the projected annual total exports, shrimp is expected to contribute US$3.6bil to US$3.8bil, pangasius about US$1.8bil, tuna US$850mil to US$900mil and other seafood around US$3bil. 'The imposition of a 20% tariff by the United States starting this month poses a significant threat to Vietnam's major seafood exports to that market, particularly shrimp and tuna,' Hang said. 'Combined with existing anti-dumping and countervailing duties, these measures are weakening the competitiveness of Vietnamese products compared to those from Ecuador, Indonesia and the Philippines.' She urged businesses to continue improving product quality, investing in advanced processing technologies and diversifying their customer base. Amid market fluctuations and ongoing global geopolitical uncertainty, the Vietnam Fisheries International Exhibition (Vietfish 2025), Asia's leading seafood exhibition, is expected to help sustain the momentum of Vietnam's seafood trade, according to Vasep. Vietfish, with the theme 'Innovation and Sustainability' this year, will be held from Aug 20 to 22 at the Saigon Exhibition and Convention Centre in Ho Chi Minh City. — Viet Nam News/ANN
The Star
22-07-2025
- Business
- The Star
Vietnam sees seafood exports surge rather than plummet
Seafood exports turnover to the United States reached US$905mil in the first six months of the year. — VNA/VNS HANOi: Unstable US tariff policies is causing Vietnam's seafood exports to surge rather than plummet in the first half of the year. Seafood exports turnover to the United States reached US$905mil in the first six months of the year, marking an impressive growth rate of 17.5%. Le Hang, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers, said that the growth momentum mainly came from businesses rushing to fulfil orders in May, aiming to complete transactions before the United States' scheduled retaliatory tariffs on July 9. This short-term acceleration is clearly reflected in monthly data. After stable growth in March and April, exports to the United States surged by 61% month-on-month in May. Immediately afterwards, as the tariff deadline approached and a 'wait and see' mentality prevailed, exports suddenly dropped sharply in June, by nearly 18% year-on-year. The three main product groups including shrimp, pangasius and tuna, continued to lead, accounting for 77% of total turnover with a value of more than US$700mil. A notable development was the shift in market rankings. The leading market for many years, the United States now accounts for only 17% of the market share, losing its top position to China, which imported US$1.1bil of Vietnamese seafood, a sharp increase of 45% compared to the same period last year. 'This is considered an inevitable consequence of an unstable trade environment due to US tariff policies,' Hang said. 'Since April this year, the Trump administration has continuously used retaliatory tariffs as a negotiating tool, issuing a series of announcements and rapid changes in tariff rates, implementation times and affected parties.' Initially, the tariff roadmap was set for July 9, but just before that date, Trump unexpectedly announced a postponement to August 1. — Viet Nam News/ANN
