Vietnam’s shrimp exports to prosper

09:50 | 14/09/2015 Trade

The US Department of Commerce (DOC) on September 7 announced its final decision on the results of its ninth administrative review (POR9) for anti-dumping duties on frozen shrimp imported from Vietnam between February 1, 2013 and January 31, 2014, said the Vietnam Association of Seafood Exporters and Producers (VASEP).

Vietnam’s shrimp exports to prosper

Shrimp processing (Photo:VNA)

Accordingly, the average anti-dumping tariff rate plummeted from 6.37 percent in the POR8 to the current 0.91 percent.

The anti-dumping duties on the products of three mandatory reviewed companies – Minh Phu, Thuoc Phuoc, and Fimex Vietnam – were 1.39 percent, 1.16 percent, and zero percent ,respectively.

The general anti-dumping tariff rate applied to the country’s sector was 25.4 percent, dropping 0.36 percent from POR8’s rate.

One of the key elements to help reduce the anti-dumping rate for Vietnamese products was the DOC took reasonable data from Bangladesh, India and Indonesia as benchmark countries in calculating the rate.

The VASEP has predicted with the new results of the POR9, Vietnam’s shrimp exports to the US in the last months of 2015 will prosper after experiencing a constant drop of over 50 percent in the first eight months of 2015.

During the first eight months of this year, Vietnamese shrimp exports to the US earned 370 million USD. The US is also Vietnam’s biggest shrimp import market, accounting for over 20 percent of the sector’s density. In 2014, shrimp exports to the US exceeded 1 billion USD./.

Source: VNA