The Vietnam Association of Seafood Exporters and Producers (VASEP) has urged Vietnam’s seafood exporters to suspend shipments to the United States pending the results of negotiations over the 46 percent Trump Tariff announced last week, VN Economy is reporting.
The article notes that:
- VASEP has advised exporters to avoid shipping from April 5–9.
- Over 37,000 tonnes of seafood are currently en route to the US; another 31,500 tonnes are scheduled for April–May.
- VASEP has appealed to the Prime Minister and ministries to initiate urgent negotiations with the US.
- Vietnamese exporters risk massive losses due to DDP (Delivered Duty Paid) contracts that require them to pay duties upfront.
- Competing exporters face lower tariffs: Ecuador (10%), India (26%), Indonesia (32%), Thailand (36%).
With the US accounting for one-fifth of Vietnam’s seafood exports, the implications of the new Trump Tariff on Vietnam’s seafood exports is huge. That said, the link article seems to suggest that VASEP believes negotiations between Vietnam and the US could result in a lower tariff. This optimisim may, however, be misplaced with strong messaging coming from the US that the Trump Tariffs are here to stay.
See also: What’s Next for Vietnam if Trump’s 46 Percent Tariff is Here To Stay?