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Local shrimp exporter benefits from US anti-dumping verdict
The Minh Phu Seafood Corporation (MPC) has received a bond payment refund from the US Customs Service following its conclusion that MPC was not guilty of dumping shrimp into the US market.
According to the Vietnam Association of Seafood Exporters and Processors (VASEP), the bond, worth approximately 4.2 million USD, was paid by Mseafood Corporation, in which MPC holds a 90 percent stake, upon gaining entry to the US market.
Following the US Customs Service’s verdict , MPC will benefit from an anti-dumping tax rate of 0 percent being levied upon its products. Most Vietnamese shrimp exporters are currently subject to a tax rate of 25.76 percent, while a number of firms bear a rate of 4-5 percent and some others enjoy a zero-rate tax.
The price of domestic shrimp is currently around 30 percent higher than in late 2008, when it hit its lowest point in ten years. The increase has given encouragement to the nation’s shrimp farmers, however, shrimp exporters are facing a shortage of supplies.
The VASEP Shrimp Committee has predicted a continued shortage in the supply of raw materials this year.
Vietnam earned more than 1.6 billion USD from shrimp exports last year despite facing a number of difficulties concerning the cost of raw materials, sources of capital and a rise in production costs./.
Vietnamplus
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