Shrimp escape anti-dumping duty as catfish exporters await tariff decision

Vietnam hopes its catfish exports to the US will enjoy a zero tax rate when the US announces the results of the POR14, slated for April 20.

The US Department of Commerce (DoC) recently announced the preliminary results of the POR13 administration review, saying that Fimex Vietnam and Nha Trang Seaproduct Company did not dump frozen warm-water shrimp exports in the US in the period from February 1, 2017 to January 31, 2018.

Shrimp escape anti-dumping duty as catfish exporters await tariff decision

Vietnam is a big catfish exporter

DOC set the preliminary anti-dumping duty of zero percent on the products from the two companies. The other 29 companies which have applied for determination of different tax rates or have pledged no shipments to the US within this period will also enjoy the duty of zero percent.

The information is good news not only for Vietnam’s shrimp exporters, but also for catfish companies which hope for the same decision.

Catfish exporters are holding their breath awaiting the official results of the POR14 review which DOC will announce on April 20. The tax rates will determine their business performance this year.

Catfish exporters are holding their breath awaiting the official results of the POR14 review which DOC will announce on April 20. The tax rates will determine their business performance this year.


The anti-dumping tariff is considered twice by the US DOC, in the preliminary (Q3) and official reviews (early next year). Prior to that, two compulsory defendants were taxed 0.00 per kilogram and $1.37 per kilogram. The rate of $0.41 per kilogram was imposed on voluntary defendants, and the country’s tax rate was $2.39 per kilogram.

The preliminary tax rates were much lower than the previous POR13.

Vietnam’s leading catfish exporters including Bien Dong, Hung Vuong, Cadovimex, Hoang Long and Go Dang are expecting good news from the official POR14. The administration review result will be an important factor for Hung Vuong to re-plan its long-term business strategy.

 

Hung Vuong’s CEO and chair Duong Ngoc Minh said the company had spent $2 million on the POR14 review and the results will ‘determine Hung Vuong’s fate’.

If Vietnam’s exporters can enjoy low anti-dumping duties, they will have opportunities to increase exports to the US, the major export market for Vietnam’s seafood products.

In 2018, when the US announced the results of POR13, nearly all Vietnamese companies, except Vinh Hoan and Bien Dong, were subjected to very high tax rates. The tax rates for the two companies were zero and 19 cent per kilogram, respectively.

Nine of the companies bore tax of $3.87 per kilogram or higher, the highest tax rates so far imposed on catfish. Cadovimex II Seafoods and Hoang Long Seafood were taxed $7.74 per kilogram.

As a result of the high duty, Go Dang JSC, a compulsory defendant in POR13 with the duty of $3.87 per kilogram, had to stop exporting its products to the US and shifted to the European and Chinese markets.

RELATED NEWS

Vietnam no longer the only catfish producer

Catfish industry faces new rivals

Kim Chi

 
 

Other News

.
FDI inflow into Vietnam still on upturn trend
FDI inflow into Vietnam still on upturn trend
BUSINESSicon  12/10/2021 

Despite impacts of the COVID-19 pandemic, the inflow of foreign direct investment (FDI) into Vietnam still rose 4.4 percent year on year in the first nine months of 2021 to 22.15 billion USD.

Two thirds of HCM City industries reopen
Two thirds of HCM City industries reopen
BUSINESSicon  12/10/2021 

The number of enterprises reopening at export processing zones and industrial parks in HCM City has reached 66.8 per cent, while at the Saigon Hi-Tech Park the rate is 74.3 per cent.

Government signs decision on special investment incentives
Government signs decision on special investment incentives
BUSINESSicon  12/10/2021 

Standing Deputy Prime Minister Pham Binh Minh has just signed Decision No 29/2021/QĐ-TTg of the Prime Minister on special investment incentives.

Sugar stocks expected to benefit from trade remedies
Sugar stocks expected to benefit from trade remedies
BUSINESSicon  12/10/2021 

Sugar producers expect the 2021-2022 crop, which is starting from July 1, will be more prosperous. 

Vietnamese-born duo make world’s first sneakers from residual coffee grounds
Vietnamese-born duo make world’s first sneakers from residual coffee grounds
BUSINESSicon  12/10/2021 

More and more startups nowadays are committed themselves to finding innovative solutions to environmental problems. 

Vietnam wood industry targets US$15 billion export revenue
Vietnam wood industry targets US$15 billion export revenue
BUSINESSicon  12/10/2021 

This year Vietnam targets earning $14.5 billion of export revenue from wood and forest products.

THACO completes purchase of RoK’s Emart hypermarket in Vietnam
THACO completes purchase of RoK’s Emart hypermarket in Vietnam
BUSINESSicon  12/10/2021 

THACO said it has completed the acquisition of hypermarket business in Vietnam of Emart Inc of the Republic of Korea

Vietnam's economic growth to recover from Q4: Economist
Vietnam's economic growth to recover from Q4: Economist
BUSINESSicon  11/10/2021 

The Vietnamese economy is likely to gradually recover from the fourth quarter of 2021 and escape the minus growth seen in the third quarter.

Vietnam to pilot Mobile Money service for two years
Vietnam to pilot Mobile Money service for two years
BUSINESSicon  11/10/2021 

Vietnam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.

Rapid vaccination and targeted policies key to Vietnam’s endemic growth
Rapid vaccination and targeted policies key to Vietnam’s endemic growth
BUSINESSicon  11/10/2021 

As the world is transitioning from pandemic to endemic, Vietnam needs to ensure its vaccination progress and greater adeptness at targeting control measures and support policies to follow suit.

Wellness tourism a gold mine for Vietnam to exploit
Wellness tourism a gold mine for Vietnam to exploit
FEATUREicon  12/10/2021 

About 350,000 foreigners came to Vietnam in 2018 to obtain medical treatment, bringing $2 billion in turnover to the country, not to mention the money travelers spent on healthcare services during their trips.

VIETNAM BUSINESS NEWS OCTOBER 11
VIETNAM BUSINESS NEWS OCTOBER 11
BUSINESSicon  11/10/2021 

Con Dao airport to be upgraded to serve larger aircraft

Venture capital in Vietnam may surpass US$1 billion in 2021
Venture capital in Vietnam may surpass US$1 billion in 2021
BUSINESSicon  11/10/2021 

Venture capital in Vietnam will reach $600 million and may surpass $1 billion in 2021. The country is expected be an attractive destination for venture capital funds in the following years.

Vietnamese currency forecast to strengthen against US dollar in 2021
Vietnamese currency forecast to strengthen against US dollar in 2021
BUSINESSicon  11/10/2021 

Since July 2021, the Vietnamese dong has strengthened by 1.3 per cent against the US dollar and the unit has averaged VND23,930 per US dollar in the year-to-October.

Foreign businesses continue to see Vietnam as a good investment location
Foreign businesses continue to see Vietnam as a good investment location
BUSINESSicon  11/10/2021 

While a number of foreign companies have moved part of their production or orders to other countries, many said they still see Viet Nam as a good...

Will Mobile World open new TopZone chain abroad?
Will Mobile World open new TopZone chain abroad?
BUSINESSicon  11/10/2021 

The Gioi Di Dong (Mobile World) has revealed the opening of a new chain named TopZone, with many indications that it will be their second retail chain abroad.

Domestic petrol prices to reach new highs on global market rally
Domestic petrol prices to reach new highs on global market rally
BUSINESSicon  10/10/2021 

Retail petrol prices in Vietnam are likely to reach new highs when the Ministry of Finance and the Ministry of Industry and Trade announce their price adjustments on October 11.

Media, businesses together overcome impact of Covid-19 pandemic
Media, businesses together overcome impact of Covid-19 pandemic
BUSINESSicon  10/10/2021 

The online forum "The press accompanies businesses to restore production and business, overcome the impact of the pandemic" to mark Vietnam Entrepreneurs' Day on October 13.

Efforts made to protect interests of Vietnamese products in EU market
Efforts made to protect interests of Vietnamese products in EU market
BUSINESSicon  10/10/2021 

Vietnam has taken various measures in a bid to protect the interest of Vietnamese products and exporters in the EU markets, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).

Local property market expects strong rebound
Local property market expects strong rebound
BUSINESSicon  09/10/2021 

The country’s real estate market has seen positive signs for recovery following the economic reopening, experts said.

 
 
 
Leave your comment on an article

OR QUICK LOGIN