Saturday, August 18, 2018 5:16:37 AM - Markets open
VN-INDEX 968.88 +4.60/+0.48%
HNX-INDEX 108.02 +0.10/+0.09%
UPCOM-INDEX 51.47 +0.08/+0.16%
Measures sought to facilitate Vietnam’s shrimp export to US
Thanhnien.vn - 6/9/2018 10:26:40 AM
 (0 ratings. You must sign in to rate.)
High anti-dumping tariff and the US Seafood Import Monitoring Programme (SIMP) are now key barriers facing Vietnamese shrimp exporters. 
 
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), though shrimp export in the first four months grew by 13.8 percent annually to over 1 billion USD, the April figure dropped by 0.4 percent year-on-year, reaching over 275 million USD. 
 
Last year, while shrimp export to countries surged, it fell by 8 percent from 2016 in the US market, partly due to high anti-dumping tax. 
 
In early March, the US Department of Commerce (DOC) announced preliminary results of anti-dumping tax on Vietnamese shrimp during the 12th period of review from February 1, 2016 to January 31, 2017, amounting to 25.39 percent, much higher than the previous reviews. 
 
Though lawyers discovered DOC’s miscalculations and preliminary results only serve as a reference, the ruling worried both sellers and buyers. 
 
In April 2018, shrimp was added to the SIMP by the National Oceanic and Atmospheric Administration. Accordingly, shrimp importers must fully abide by SIMP’s requirements by December 31, 2018. 
 
Specifically, they must be US citizens with International Fisheries Trade Permit from NOAA, declare necessary data to ensure legal imports. Such data must be kept within two years. 
 
VASEP General Secretary Truong Dinh Hoe said the US has high demand for aquatic products, especially shrimp. It imports nearly 600,000 tonnes of shrimp for domestic consumption. 
 
However, Vietnam’s shrimp export to the US only accounts for 10 percent annually, or around 60,000 tonnes. Meanwhile, Vietnam could ship 150,000 tonnes to the country so that firms need to improve quality and competitiveness to expand their market share. 
 
VASEP has recently sent a document to the Ministry of Agriculture and Rural Development suggesting measures for sustainable shrimp production and export. It asked the government to heed high-level diplomatic activities so that the US could rapidly lift trade barriers, especially anti-dumping taxes on shrimp. -VNA
 
Read original article here
Newer News
17/08 Cement exports record strong growth
15/08 Vietnamese steel sector amidst US-China trade war
14/08 Rubber industry faces falling export price
14/08 US’s DoC levies anti-subsidy tax on Vietnamese laminated woven sacks
08/08 US initiates anti-dumping investigation into VN’s cold rolled steel
06/08 Agro-forestry-fishery exports grow 7.8 percent in 7 months
04/08 Vietnam works hard to have “yellow card” warning removed
02/08 Plastic products exports up 20%
31/07 Retail revenue high in first seven months
31/07 Agro-forestry-fishery exports hit 22.2 billion USD in first seven months
Older News
06/06 Rubber exports see robust growth in May
05/06 US to crack down on illegal shrimp imports
05/06 Vietnamese garment firms expect to navigate Australia
04/06 Demand for organic fertiliser rises
01/06 Aquatic exports rise by 10 percent in five months
30/05 Tra fish export to US increases despite anti-dumping measures
29/05 Steel firms urged to ensure material transparency
25/05 Tra fish exports to China continue to thrive
23/05 Conference highlights CPTPP’s commitments, tips for businesses
22/05 US’ DoC levies import tax on Vietnamese steel
 
Newsletter Signup
Top Stories
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
Market Update
Last updated at 3:14:05 PM
VN-INDEX 968.88 +4.60/+0.48%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.