Branding Vietnam As "Sustainable Seafood Destination" for American Consumers

During the North American Seafood Expo, held in Boston, United States, from March 10-12, 2024, "The discussion with Vietnamese Ambassador to the United States Nguyen Quoc Dung at Boston Seafood Expo 2024" took place. The event was co-organized by the Vietnamese Businessmen Association in the US (VENUSA), the Vietnam Association of Seafood Exporters and Producers (VASEP), and the Vietnamese Agricultural Counselor in the US.

Zoey Nguyễn

March 14, 2024 | 16:43

Speaking at the discussion, the Vietnamese Ambassador to the United States Nguyen Quoc Dung was impressed by the large participation of leading Vietnamese seafood businesses.

Dung believes this proves that Vietnam's seafood exports have a solid position in demanding markets like North America. Many Vietnamese export products have made a good impression on international friends and partners.

During the discussion, Dung updated the participants on the situation of economic trade exchange and bilateral investment cooperation between Vietnam and the United States. He also discussed the remaining constraints for the businesses to overcome, as well as areas to seize promotion and promote collaboration opportunities.

Also, the discussion featured useful and constructive input from the Vietnam Association of Seafood Exporters and Producers (VASEP), agricultural counselors, and businesses in shrimp, pangasius, and ocean tuna export. Another highlight is the feature of lawyer Matthew McConkey, who has over 20 years of experience providing legal advice on pangasius anti-dumping to Vietnamese businesses entering the US market.

VASEP Deputy Secretary General To Thi Tuong Lan participated in the discussion to introduce VASEP. She also updated the situation of seafood exports to the US market in 2023, and the first quarter of 2024. According to Lan, regarding the Vietnamese businesses in the Boston Seafood Expo 2024, the slogan "Vietnam - Sustainable destination for seafood", affirmed the industry's development towards sustainable seafood production, processing, and export. This complies with the requirements of Vietnam and the import market as countries are aiming for a green economy and sustainable fishing.

Lan believed that Vietnamese products on display at the expo, especially the value-added product group, are Vietnam's advantage compared to those of other Asian countries. Fierce competition in the prices of traditional products has driven Vietnam's transition to value-added manufacturing much faster in recent years. According to Lan, the earlier businesses navigate in that, the more opportunities will come, amid these challenging years.

Agricultural Counselor in the US Pham Quang Huy praised Vietnam's efforts in promoting the US Government and Congress to consider recognizing Vietnam as a market economy. If successful, it will bring many advantages for exporting goods to the US market, especially seafood.

Representatives of Vietnamese companies at the expo.

On the other hand, Professor Nguyen Dinh Phu, Chairman of the Vietnamese Businessmen Association in the US (VENUSA) and Vice Chairman of the Association of Overseas Vietnamese Businessmen (BAOOV), stated that Vietnamese businesses were very proactive at the Boston Seafood Fair. They actively engaged and signed contracts with partners not only from the United States but also from around the world. International visitors showed particular interest in specialized aquatic products from Vietnam such as pangasius, shrimp, and ocean tuna.

Phu emphasized the role of VASEP and the Vietnamese agricultural counselor in the United States in supporting Vietnamese businesses' participation in this crucial seafood fair. Also, Ambassador Nguyen Quoc Dung's visit to the Boston Seafood Expo 2024 is highly commended.

Vietnamese Ambassador to the United States Nguyen Quoc Dung (third from left) and representatives of Vietnamese companies at the expo (Photo: TD).

"Despite his busy work schedule, Ambassador Nguyen Quoc Dung flew from Washington DC to meet with VASEP representatives and seafood businesses at this fair. This demonstrates the interest of the Government, the Vietnamese Embassy in the United States, and the Ambassador himself in visiting, encouraging, obtaining information, and listening to ideas and aspirations from businesses. These efforts will help strengthen and grow Vietnam's fisheries industry," said Professor Nguyen Dinh Phu.

The Vietnam Association of Seafood Exporters and Producers (VASEP) set a 1,600 square-foot area (about 150 square meters for a private booth and a joint booth at the 2024 North American Seafood Exhibition. This activity is a part of the National Trade Promotion Program of Vietnam.

17 Vietnamese units are exhibiting at the expo, including 6 pangasius processing and exporting enterprises, 4 shrimp processing and exporting enterprises, 2 tuna processing and exporting enterprises, and 5 enterprises processing and exporting a variety of aquatic products. Leading exporters of the US market like Minh Phu, Vinh Hoan, Bien Dong, Hai Vuong, and Hung Ca also joined, along with many first-timers, highlighting the US market's particular attractiveness for businesses.

In 2023, Vietnamese seafood exports to the US reached a value of US $1.56 billion, a 27% decline from 2022. Despite the significant drop, the US remains the largest market for Vietnamese seafood, accounting for over 17% of exports. Factors contributing to the market's decline include high inflation, decreased demand, high inventory, price competition with other countries, and market barriers like anti-dumping regulations and the pangasius inspection program.

However, in January 2024, exports to the US increased by 63%, with shrimp up by 77%, pangasius by 83%, and tuna by 61%. This growth is a positive sign for future exports and is likely to positively influence surrounding markets such as Canada, Mexico, and Brazil.

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