|Workers process shrimp for exports at the Huy Minh Co in the southern Bac Lieu Province. The country's shrimp exports to the US are forecast to increase this year. — VNA/VNS Photo Vu Sinh
HA NOI (VNS) — Viet Nam's shrimp exports to the US are expected to rise in 2016, the Viet Nam Association of Seafood Exporters and Producers (VASEP) said.
This would be thanks to positive results from the ninth administrative review (POR9) of anti-dumping duties on Vietnamese frozen shrimp and the signing of the Trans-Pacific Partnership (TPP), the association said.
The average anti-dumping duty levied on most Vietnamese frozen shrimps sold in the American market fell from 6.37 per cent in POR8 to 0.91 per cent, as regulated in POR9. This reduced the tax burden on Vietnamese shrimp exporters.
In addition, the growing demand in the US for Vietnamese shrimp, spurred by the dollar's rise, will lead to rise in exports. Rising demand has also resulted in vibrant shrimp retail promotion programmes in the US, creating opportunities for Vietnamese shrimp suppliers to boost exports to that country.
VASEP said the US last year continued to be Viet Nam's largest export market. However, Vietnamese shrimp exports to the American market stood at US$657 million last year, dropping 38.3 per cent from 2014, due to decreasing export prices, weak demand and fierce competition from foreign rivals.
Vietnamese shrimp was sold in 92 markets in 2015, down from 150 markets in the previous year. Key markets included the US, Japan, the European Union and China, besides the Republic of Korea, Canada, Australia and ASEAN, as well as Switzerland. — VNS