February 15, 2016

Vietnam's shrimp exports to hit US$3.3 billion in 2016

Vietnam's shrimp exports are forecast to rise to US$3.3 billion in 2016, helped by positive results from the ninth administrative review (POR9) for US anti-dumping duties on Vietnamese frozen shrimp and the signing of the Trans-Pacific Partnership (TPP), VIETNAMNET Bridge reports.

Exports rose 8% from the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Shrimp prices also saw an increase of 5-20% in the Mekong Delta due to low supplies.

Statistics from the General Department of Vietnam Customs showed that shrimp exports to the US generated US$657 million in 2015, up 38.3% from 2014, making the US the biggest export market for Vietnam.

The average anti-dumping tariff rate levied on Vietnamese frozen shrimp sold in the US market plunged from 6.37% in the POR8 to 0.91% in the POR9, easing the tax burden on Vietnamese shrimp exporters.

Growing demand from the US for Vietnamese shrimp, led by the rising dollar, will also increase shipments. Rising demand has also resulted in intensive shrimp retail promotions in the US, creating further opportunities for Vietnamese shrimp exporters.

Key markets for Vietnamese shrimp include the US, Japan, the EU, China, the Republic of Korea, Canada, Australia, ASEAN and Switzerland.