February 22, 2007

Vietnam exporter re-enters US market after shrimp-dumping fracas

Vietnam shrimp exporter Investment, Commercial and Fisheries Joint Stock Company, or Incomfish has marked a major return in the US market with its recent two-container exports of shrimp worth US$12.5 million.

In 2005, Incomfish decided to refocus its strategy to look instead at Europe and Japan after it was slapped by US customs officials, including five countries, with anti-dumping restrictions.

By the end of 2006, US exports accounted for only 10 per cent of Incomfish turnover.

Incomfish director Trinh Ba Hoang the company have considered several factors in returning to the US market, including Boston Seafood Show, a major event in North America which is said to attract main suppliers and buyers from around the world which will be held in March.

Hoang predicts volume of exports to the US will increase by 40 percent this year, generating 50 percent more profit.

In 2007, Incomfish also plans to increase its chartered capital from VND118 billion (US$7.4 million) to VND168 billion (US$10.5 million).