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News & Events

Shrimp exports to the US market flourishes

According to the Vietnam Association of Seafood Exporters and Producers Vietnam (VASEP), Vietnam's shrimp exports to the US in 2016 are expected to prosper thanks to the positive signal from the result of anti-dumping duty and the end POR9 TPP negotiations.

Dated 7-9-2015, US Department of Commerce (DOC) announced the final results of administrative review of the 9th (POR9) anti-dumping duty of frozen shrimp imports from Vietnam in the period 1-2 -2013 to 31-1-2014. Accordingly, the average tax rate fell 0.91% compared with 0.93% the preliminary results announced in May 3-2015 and down sharply from 6.37% tax rate of the previous review period POR8.

This is a good sign for Vietnam's shrimp exports. POR9 tax rate down from POR8 helped remove export tax burden for exporters of shrimp.

According to the General Department of Customs, Vietnam's shrimp exports to the US market in 2015 reached 657 million, down 38.3% compared to 2014. As VASEP said the US market is still the number one imported shrimp of Vietnam.

As of May 11/2015, on the US market, Vietnam shrimp to compete with India and Indonesia shrimp. India increased by 24% the volume of shrimp exports to the US (nearly 124 thousand tonnes), Indonesia rose 12% (106nghin tons), Thailand increased by 15% to 65 thousand tons, while Vietnam fell 22% to 54 thousand tons. Vietnam from No. 4 to No. 5 on the US shrimp supply.

VASEP said the high cost of shrimp production is the main cause leading to the price of Vietnam's shrimp exports about 20% higher than the average level in the US market. The currency of the competition with Vietnam, India, Indonesia, Ecuador, China ... strongly dumping 15- 30%, while copper prices fell only slightly VND. This is considered as the main reason that Vietnam shrimp exports to the US have difficulty competing with the aforementioned countries.

Vietnam's shrimp exports to the US in 2016 are expected to prosper thanks to the positive signal from the result of anti-dumping duty and the end POR9 TPP agreement negotiations. According to VASEP, shrimp demand from the US market in 2016 and is forecast to edge up by gains in the dollar, the price of shrimp dropped compared to 2 years ago and economic growth improves

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