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30% of Vietnamese companies exporting shrimps to America enjoy 0% tax

30% of Vietnamese companies exporting shrimps to America enjoy 0% tax

Thursday 16, 01 2020
At noon on 21st August (EDT), the American Department of Commerce announced the results of the 13th administrative review (POR 13) on anti-dumping duties on Vietnamese shrimp to America with a tax rate of 0%.

According to the announcement, the tax rates of 2 mandatory defendants

Which are the Sao Ta Food Joint Stock Company and the Nha Trang Seafood Joint Stock Company would revert to 0%. 

Around 30 other Vietnamese shrimp companies which are voluntary defendants having applied for consideration of separate tax rates or having pledged to having no shipment to America during the period from 1st February 2017 – 31st January 2018 also enjoy the 0% tax rate.

Prior to this, in the preliminary announcement of the POR 13 tax rate in April, the DOC also set a similar tax rate following the conclusion that these enterprises did not dump shrimp into America.

This conclusion shows the trade honesty of Vietnamese shrimp companies, and it is the bet achievements gained among the 13 times of administrative review on the anti-dumping duties of Vietnamese shrimp to America. 

In the first seven months of 2019, Vietnamese shrimp export have reached 1.8 billion USD, down 8% over the same period last year. However, in July alone, this is the first time in the year that shrimp export has grown positively with 334 million USD, up 13.4% over the same period last year. This good news came right after the Vietnam Association of Seafood Exporters and Producers announced the optimistic shrimp export statistics in the first 7 months of 2019, bringing positive expectations for this fishery. 

Notably, shrimp export to China and America have grown by 2-digit-figure 

While shrimp export to the EU and Korean markets also recorded the first month of positive growth. 

Currently, the shares of most fishery companies are having a positive growing trend. At the end of the session on 22nd August, the VMC share of the Sao Ta Food Joint Stock Company had reached 32,100 VND, increasing by 6,64% compared to the day before. Similarly, the MPC share of the Minh Phu Seafood Corporation had increased by 8,3%, reaching 30,000 VND, and the CMX share of the Camimex Group Joint Stock Company had increased by 3,59 %, reaching 30,300 VND. 

According to VASEP evaluation, the demands of the shrimp market is getting more active, foreshadowing a continuously good growth in the coming last months of 2019.  

>>> US, VN to resolve disputes over anti-dumping duties

Categories
Business Economy News

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