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April 18, 2019

 

Vietnam's shrimp exports get boost with US zero tariffs

 

Vietnamese shrimp exports has gotten a boost with two more Vietnamese firms given zero tariffs by concerned US authorities.


The US Department of Commerce (DoC) recently announced the preliminary results of the 13th Period of Review (POR 13), which assessed the anti-dumping tariff on shrimp imports from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).


The DoC concluded that frozen shrimp products of two respondents-Sao Ta Foods JSC (Fimex VN) and Nha Trang Seaproduct Co.-did not violate anti-dumping regulations from Feb. 1, 2017, to Jan. 31, 2018.


This means that preliminary tariffs on those two companies, in addition to 29 other local shrimp exporters, will stand at zero percent.


The preliminary tariffs serve as a foundation for Vietnamese exporters to obtain the lowest anti-dumping tariffs in the final results of the POR 13, helping the firms thrive in the US market, as per VASEP.


More competitive edge


VASEP said that with zero percent antidumping tariffs, Vietnam's shrimp industry will now have more competitive edge than some other countries in the US market and help boost Vietnamese shrimp exports to the US.


Vietnam's shrimp exports to the US was down 3.3% in 2018, and so were those to other major markets including mainland China and Hong Kong (down 28%), the EU (2.8%), Japan (9.2 %) and Taiwan (2.6%).


Vietnam's shrimp industry only achieved an export value of US$3.6 billion last year, a year-on-year decrease of 7.8%.


This year Vietnam has set a target of $4.1-4.2 billion in earnings from shrimp exports, according to the Directorate of Fisheries under the Ministry of Agriculture and Rural Development.


The price of Vietnamese shrimp is still higher than other countries because the industry has to depend on imports of food and medicine for shrimp production, according to a report by VNA.

 

 

Image: VASEP

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