New US tariffs shake up Vietnam’s agro-forestry-fisheries

(ĐN)- Following US President Donald Trump’s announcement of a new 46% countervailing duty on Vietnamese imports, the highest among exporting nations, Vietnam’s Ministry of Agriculture and Environment held an urgent online meeting to discuss response strategies.

The US is Vietnam’s second-largest export market for agricultural, forestry, and fishery products, accounting for over 20% of total export turnover. In 2024, exports to the US reached over US$14.3 billion, up 25%. In the first quarter of 2025, the figure hit US$3.2 billion, up nearly 15%. Key exports include wood, seafood, coffee, cashew nuts, pepper, and fruits.

In Dong Nai, agricultural exports reached $3.7 billion in 2024, a year-on-year increase of 17%. Of this, wood and wooden products made up over $1.4 billion. Other major exports include coffee, cashew nuts, rubber, pepper, seafood, and vegetables.

The new tariff has caused concern among exporters and farmers, with many contracts being delayed or canceled. Industry associations urged businesses to renegotiate contracts, ensure origin traceability, and address US concerns about origin fraud.

The ministry suggested redirecting exports to countries that have Free Trade Agreements (FTAs) with Vietnam. For instance, wood products to Japan and the EU; seafood to China, Japan, and South Korea; coffee to Germany, Italy, and Japan.

Dong Nai’s livestock sector also responded proactively. Dong Nai Animal Husbandry Association proposed increasing imports of soybeans, soybean meal, corn, and high-quality breeding pigs from the US, products already imported in large volumes. Chairman Nguyen Tri Cong emphasized the need to effectively implement the USDA’s GSM-102 credit guarantee program, which offers low-interest deferred payment terms (1–1.5% per year), to reduce the burden on Vietnamese importers and support trade balance efforts.

Minister Do Duc Duy reaffirmed the government's commitment to negotiating with US authorities, removing technical trade barriers, encouraging deeper agricultural processing, restructuring production, and enhancing the competitiveness of Vietnamese products in international markets.

Reported by B.N