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US, VN to resolve disputes over anti-dumping duties

Tuesday 19, 07 2016
Viet Nam News HÀ NỘI – The United States (US) and Việt Nam signed an agreement on Monday (US time) to resolve disputes over American anti-dumping duties on Vietnamese shrimp, Việt Nam News Agency reported.
US, VN to resolve disputes over anti-dumping duties

US, VN to resolve disputes over anti-dumping duties

Shrimp breeders in the southern Kiên Giang Province’s An Minh District harvest process shrimp before sales. - VNA/VNS Photo Lê Sen
Viet Nam News

HÀ NỘI – The United States (US) and Việt Nam signed an agreement on Monday (US time) to resolve disputes over American anti-dumping duties on Vietnamese shrimp, Việt Nam News Agency reported.

Accordingly, the two countries agreed on a framework to resolve two World Trade Organisation (WTO) disputes, DS404 and DS492, in which Việt Nam objected to American anti-dumping measures against Vietnamese shrimp.

As a result, Minh Phú Seafood Corporation, the largest shrimp exporter of Việt Nam, will no longer be subjected to anti-dumping duties while exporting shrimp to the US.

Under the US Department of Commerce’s decision, Minh Phú Seafood Corporation’s dumping margin was found to be zero or not significant in three consecutive administrative reviews.

Minh Phú Seafood Corporation would be refunded part of the anti-dumping duties the company had deposited in previous years, estimated to be worth millions of dollars, the Việt Nam News Agency said.

However, the anti-dumping duty order will remain in place for all other Vietnamese warm water shrimp exporters.

The agreement demonstrates the two countries’ goodwill and efforts to address outstanding issues and promote bilateral ties to a higher level, especially when the Trans-Pacific Partnership has been signed and is expected to soon come into force.

According to the Việt Nam Seafood Exporters and Processors, Việt Nam exported shrimp worth US$249.3 million to the US in the first five months of this year, rising 17.4 per cent year-on-year. - VNS

Categories:
Financial News

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