Shrimp export to US expected to thrive

Hanoi (VNA) – Vietnam’s shrimp exports to the US in 2016 will rise thanks to positive results from the ninth administrative review (POR9) for anti-dumping duties on Vietnamese frozen shrimp and the signing of the Trans-Pacific Partnership (TPP), according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The average anti-dumping tariff rate levied on most Vietnamese frozen shrimp sold in the US market plummeted from 6.37 percent in the POR8 to 0.91 percent, as regulated in POR9. This has eased the tax burden on Vietnamese shrimp exporters.

In addition, the US’s growing demand for Vietnamese shrimp, spurred by the dollar’s rise, will increase the shipments. Rising demand has also resulted in vibrant shrimp retail promotion programmes in the US, creating opportunities for Vietnamese shrimp suppliers to boost exports to the country.

According to VASEP, the US remains Vietnam’s largest import market. However, last year Vietnamese shrimp exports to the American market stood at 657 million USD, dropping 38.3 percent from 2014 due to decreasing export prices, weak demand and fierce competition from foreign rivals.

In 2015, Vietnamese shrimp was sold in 92 markets, down from 150 markets the previous year. Key markets included the US, Japan, the EU, China, the Republic of Korea, Canada, Australia, ASEAN and Switzerland.-VNA