Tariff cuts drive uptick in demand for U.S. specialty products

(NLĐO) - Businesses expect that as import tariffs continue to decrease, the prices of many U.S. specialty products will become even more competitive.

Mr. Tran Van Truong, CEO of Hoang Gia Seafood International Trading Co., Ltd. (HCMC), recently joined a delegation from the Ministry of Agriculture and Environment to the U.S., where he signed memoranda of cooperation with several seafood suppliers.

With import tariffs set to be reduced, Hoang Gia Seafood plans to bring more premium seafood products to Việt Nam - such as lobster, geoduck, and king crab - at more accessible prices.

Additionally, the company is preparing to import two new products - red shrimp and horse conch - once import procedures are relaxed.

Beyond imports, Mr. Truong noted that the company also plans to boost exports to the U.S., capitalizing on its domestic supply advantages. Currently, domestic products account for 60% - 70% of Hoang Gia Seafood’s total distribution network, sufficient to meet the demands of both markets.

In the ginseng sector, Ms. Dang Tran Cam Van, Director of V.E.V Production, Trading, and Services Co., Ltd. (Le Chef), a direct importer of American ginseng, said the company is ready to pass on 100% of the tariff reduction to consumers to stimulate demand. According to Ms. Van, American ginseng is increasingly popular among Vietnamese consumers, but price remains a barrier.

Currently, Le Chef imports American ginseng as a raw material—subject to a 5–10% tariff—which is then processed into diverse products such as black ginseng, ginseng phở, ginseng coconut candy, and ginseng wine. She expects that deeper tariff reductions will allow consumers to access American ginseng at more attractive prices.

From the agricultural sector’s perspective, Mr. Vũ Minh Đức, Trade Representative of the California Raisin Association (USA), noted that the March 31 tariff reduction, which lowered the import duty on American raisins from 12% to 5%, was met with immediate and positive market feedback. Many Vietnamese importers have since significantly increased their orders.

“We recently worked with several partners in Vietnam, all of whom hope tariffs will further decrease to 0% so they can confidently import larger quantities—especially as California’s raisin harvest season begins in August,” Mr. Đức shared.

Citing data from Trade Data Monitor, Mr. Đức highlighted that during the peak period from August 2024 to January 2025, the United States was Vietnam’s largest raisin supplier, accounting for approximately 30% of import value, or $3.6 million—a 21% year-on-year increase.

Meanwhile, Vietnam’s total raisin import value reached nearly $11.9 million, reflecting a modest 2% overall growth. American raisins are now not only featured in daily Vietnamese meals but are also increasingly used in baked goods and nut mixes, helping to broaden consumer demand.

Looking ahead, businesses are optimistic that continued tariff reductions will make American specialty products more price-competitive, thereby stimulating domestic demand. This trend is also seen as an opportunity for distributors to diversify their product portfolios and offer more choices to Vietnamese consumers.