March 9, 2007

US reduces shrimp export duties on two Vietnam companies
 

The US Department of Commerce (DOC) has just announced a reduction in export levies for two Vietnamese shrimp exporters, both from the southern region of the country. 

The two exporters who will enjoy the tax cuts in the DOC's first administration review are the Fish One Company from Mekong Delta province of Can Tho and the Grobest Company based in southern Dong Nai province.

The former will see their export duties reduced to 0.01 percent and the latter to 1.08 percent. Earlier, the two companies had been slapped tax rates of 4.57 percent.

Fish One and Grobest were reportedly not subject to anti-dumping lawsuits lodged early this year by the US Southern Shrimp Association.

Four other Vietnamese shrimp exporters - Nha Trang Fisco, Bac Lieu Fisheries, Cam Ranh Seafoods, and Incomfish will have their duties remain at 4.57 percent until September, when the DOC levies new tax rates on warm water shrimp.

Last year, shrimp products accounted for 44 percent of Vietnam seafood exports with turnover hitting US$3.6 billion.

They were sold mainly in Europe, Japan, and the US.