According to the Ministry of Agriculture and Rural Development, in the first six months of 2024, the US remained the largest export market for Vietnam's agricultural, forestry, and fishery products. The export value to the US accounted for 20.7%, an increase of 20.8% compared to the same period in 2023. This market still holds many growth opportunities for Vietnamese agricultural exports in the remaining months of the year.

Ms Le Hang, Communications Director of the Vietnam Association of Seafood Exporters and Producers, stated: "Seafood exports to the US recorded a 14% growth in June 2024, bringing the total seafood export turnover to this market in the first half of 2024 to $733 million, up 9% compared to the same period in 2023. Specifically, for pangasius, as of June 15, 2024, cumulative exports to this market reached $146 million, up 18%. For shrimp products, in the first five months of 2024, exports to the US reached $299 million, up 1% compared to the same period in 2023. The reason for this growth is partly due to the US economy showing optimistic signs in 2024, such as inflation quickly falling from 9% to 3%; the US is expected to soon take action to cut interest rates this year to stimulate consumption, thereby providing good opportunities for exporters."

Currently, Vietnamese enterprises are also boosting seafood exports to the US market. Mr Le Van Quang, CEO of Minh Phu Seafood Corporation, stated: "In 2024, the company plans to sell 20% of its production to the US market. Accordingly, it will perfect and promote the commercial shrimp farming under MPBiO biotechnology. This technology uses entirely antagonistic microorganisms to inhibit pathogens, uses microorganisms to enhance the immune health of shrimp, and uses microorganisms to treat water in ponds, thereby creating high-quality shrimp products to introduce more to customers in the US. Meanwhile, Nam Viet Corporation believes that for the US market, the development progress is relatively promising thanks to successful cooperation with major seafood distributors and reconnecting with old customers."

In addition to seafood, cashews are also a potential growth item in the US. According to data from the US International Trade Commission, in the first four months of 2024, the US imported more than 47.73 thousand tons of cashews, worth $252.96 million, an increase of 18.5% in volume and 9.1% in value compared to the same period in 2023. Of this, imports of cashews from Vietnam reached 41.98 thousand tons, worth $220.92 million, an increase of 11.5% in volume. The market share of Vietnamese cashews in the total US imports increased from 86.22% in the first four months of 2023 to 87.95% in the first four months of 2024.

Also, in the first four months of 2024, the US imported 2.2 thousand tons of tea from Vietnam, worth $3.2 million, an increase of 103.1% in volume and 83.9% in value compared to the same period in 2023. Vietnam is currently the fourth largest supplier of tea to the US and achieves a high growth rate, but it only supplies 5.7% of the total tea imports to this market. According to statistics, about 86% of the total tea consumed in the US in 2023 was black tea, so Vietnam still has many opportunities to boost exports of this product.

In addition, according to the US Coffee Association, the consumption of specialty coffee in the US is on the rise due to increased demand from young consumers. 45% of respondents used specialty coffee. This is the highest number since before the Covid-19 pandemic and 4% higher than in 2023. Therefore, Vietnamese coffee businesses exporting to the US market need to pay special attention to this market segment. In the first five months of 2024, Vietnam's coffee export value to the US reached $169.4 million, achieving 57.9% of the 2023 turnover with a total volume of 50 thousand tons.

Although most of Vietnam's agricultural and fishery export sectors have seen growth in exports to the US market, there are still some obstacles that need to be resolved soon to further increase turnover in the last six months of the year. Specifically, for fruit products, Mr. Tran Minh Thang- Head of the Vietnam Trade Office Branch in San Francisco, USA, informed: "Currently, all fruit products from Vietnam exported to the US must undergo irradiation treatment. However, Vietnam has two irradiation centers, both located in the southern region, so northern fruits must spend time transporting for irradiation before exporting to the US, including lychee, which is highly favored. This both increases transportation costs, reduces product competitiveness, and affects product quality when it arrives late to customers."

Besides, exporting agricultural products to the US at present also faces the situation of continuously rising transport freight rates. According to VASEP, the average freight rate for a 40-foot (12m long, 2.4m wide) refrigerated container transporting seafood to North America in the Asian region has doubled or tripled since the beginning of the year, reaching around $9,000-10,000. Since consumers may have to bear this high transportation cost, the consumption demand may decrease, affecting seafood exports from many countries, including Vietnam.

Nhandan.vn