Truffle insights

Countervailing duties will have a significant impact on Vietnam's tra fish exports to the United States. Currently, there are many potential markets that tra fish businesses can target.

It is not a truffle nor a fleeting luxury. The morchella mushroom is a true treasure of haute cuisine. China leads its production.

The Vietnam Association of Seafood Exporters and Producers (VASEP) stated that in the first four months of 2025, Vietnam's seafood export value reached $3.3 billion, a significant year-on-year increase of 21%. Among these, shrimp product exports grew by 30%, while tra fish exports increased by 9%. China became Vietnam's largest seafood export destination, with exports surging 56%. Japan followed closely, with exports growing 22%, while exports to the United States increased by 7%. Despite the export recovery, ongoing tariff and technical trade barriers continue to pressure US exports, prompting some Vietnamese enterprises to reassess their market focus. Can Tho Seafood Import-Export Joint Stock Company, primarily focused on tra fish and heavily dependent on the US market, stated they are "shifting towards European and other Asian markets, while reducing production costs and reconnecting with existing customers." To promote broader market access, VASEP emphasized that enterprises should fully utilize existing free trade agreements such as the Vietnam-EU Free Trade Agreement (EVFTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and Regional Comprehensive Economic Partnership (RCEP) to expand exports to the EU, Japan, and South Korea. The association also urged companies to explore emerging markets in the Middle East and South America to reduce dependence on traditional buyers. Under the Vietnam-EU Free Trade Agreement, Vietnamese seafood, especially shrimp products, enjoy zero-tariff treatment in the EU market, providing a significant competitive advantage. Singapore has quickly become Vietnam's fourth-largest seafood export destination, surpassing Malaysia, Indonesia, and Norway, with strong demand for Vietnam's chilled, frozen fish, and fish fillets. In South America, Brazil is gradually becoming a strategic market for Vietnamese seafood, with Vietnamese tra fish already holding a 38% market share. In the first quarter of 2025, Vietnam's seafood exports to Brazil grew by over 70% year-on-year, and with Brazil recently lifting its import ban on Vietnamese tilapia, new product diversification pathways have opened.