The target of earning 4 billion USD from shrimp exports has been deemed “within reach” (Illustrative photo: VNA) Auspicious signs
The USCustoms and Border Protection (CBP)’s removal of anti-dumping tariffs on theMinh Phu Seafood Corporation’s frozen shrimp products exported to the US isgreat news for the company and Vietnam’s shrimp industry as a whole.
The movehas allowed the company to ship more frozen shrimp products to the US free ofadditional tariffs currently imposed on those from India. It will also receivea refund of tariffs it submitted previously.
TheMinistry of Industry and Trade said the decision is objective and fair, withthorough consideration given to the efforts of Minh Phu and relevant agencies.
OnJanuary 5, a batch of 160 tonnes of frozen shrimp products from Minh Phu leftport for the US, Europe, and Japan.
Figuresfrom the Ministry of Agriculture and Rural Development showed that seafoodexport value was estimated at 600 million USD in January, a year-on-year increaseof 19.6 percent.
TheVietnam Association of Seafood Exporters and Producers (VASEP) said 2021 boastsfavourable conditions for shrimp production and export, as demand worldwideremains stable and other exporters have yet to fully recover from the pandemic.
Vietnameseshrimp also possesses advantages in terms of tariffs thanks to new-generationfree trade agreements the country has signed.
Expertsnoted that shrimp prices on the global market are projected to rise in the firsthalf of this year and exports may well top 4.4 billion USD.
The US, Europe,and China are Vietnam’s largest markets at the moment, Deputy Minister ofAgriculture and Rural Development Phung Duc Tien said.
Torealise the export target, companies and farmers must carefully preparenecessary conditions for production while remaining vigilant against diseaseand any chemical or antibiotic residue, to ensure food safety.
Links betweenstakeholders in the supply chains also need to be strengthened to raise productquality and ensure origin tracing, he noted, adding that effective modelsshould be expanded and technical barriers countered.
Shrimpexports raked in 3.7 billion USD in 2020, a year-on-year increase of 11percent. Vietnam has an advantage in exports compared to other suppliers giventhat the country has largely kept COVID-19 under control.
Export valueto the US surged 33 percent last year, while the figures to the UK rose 20percent, the EU 6.1 percent, and the Republic of Korea 3.3 percent./.
VNA
