Aquatic product exports likely to rake in 9 billion USD this year
Updated : Thursday, October 04, 2018 3:15 PM (GMT+0700)

Vietnam’saquatic products are forecast to bring home 9 billion USD from exports in 2018,up 7 percent from the previous year, said the Vietnam Association of SeafoodExporters and Producers (VASEP).

 
Tuna processing for export - Photo: VNA

With the current exportgrowth and favourable factors from foreign markets, the country’s aquaticproduct exports in the fourth quarter of 2018 are expected to rake in higherexport revenues than those in the same period last year, standing at 2.5 billionUSD.

According to VASEP,shipments of aquatic product have showed signs of recovery since August 2018and enjoyed a growth rate of 8 percent in September, reaching 847 million USD.

The figure brought thenation’s total earnings from aquatic product exports in the first nine monthsof the year to 6.42 billion USD, up 6.4 percent year on year. This is arelatively high growth rate as Vietnam’s fishery sector has faced technicalbarriers and anti-dumping duties in several markets. It  has also been imposeda “yellow card” warning by the European Commission after the country failed todemonstrate sufficient progress in the fight against illegal, unreported andunregulated (IUU) fishing.

However, Vietnam’s aquaticproducts have been offered bigger opportunities to enter the US market after aseries of hurdles were removed.

Recently, the US Departmentof Commerce (DoC) announced the final results of the 12th Period ofReview (POR 12), lowering the anti-dumping tariff on shrimp imports fromVietnam. The POR 12 took place from February 1, 2016 to January 31, 2017.

Specifically, shrimpexported by Sao Ta Foods JSC (FIMEX VN), the only mandatory respondent in thereview, and over 30 other local shrimp exporters are subject to an anti-dumpingduty of 4.58 percent.

This final rate is muchlower than the preliminary rate of 25.39 percent, first announced by the DoC onMarch 8. It is also slightly lower than the duty was in the prior period.

Tran Van Linh, Chairman ofthe Board of Directors of the Thuan Phuoc Seafood and Trading Corporation, saidthe high anti-dumping tariff is one of the reasons behind a decline inVietnam’s shrimp exports to the US since 2017. The US’s imposition of a loweranti-dumping duty would facilitate Vietnam’s shrimp exports to this market inthe coming time, he said.

The US is currently thethird largest import market of Vietnamese shrimps with a annual turnover ofover 600 million USD, accounting for 17 percent of the nation’s total shrimpexport value.

In mid September, the DOCalso reduced anti-dumping duties on Vietnamese tra and basa (pangasius) fishunder its preliminary conclusion of the 14th period of review(POR14) for the period from August 1, 2016 to July 31, 2017.

Accordingly, the preliminaryanti-dumping taxes on products of two mandatory respondents are 0 USD perkilogramme, and 1.37 USD per kilogramme. The tariff for voluntary respondentsis 0.41 USD per kilogramme, while the tax imposed on other Vietnamese exportersnot examined as mandatory or voluntary respondents will be 2.39 USD perkilogramme, lower than the final results of POR13.

Although the DOC isscheduled to announce the final results of POR14 in January 2019, its move tolower the anti-dumping tariffs is seen as a positive signal for Vietnamesecatfish exporters.

The Food Safety andInspection Service (FSIS) under the US Department of Agriculture recentlyproposed that Vietnam would be eligible to export catfish and other fishproducts to the US market.

VASEP Secretary GeneralTruong Dinh Hoe said the FSIS’s move would help improve Vietnamese catfish’sprestige and image not only in the US market but also other import marketsacross the globe.

Source:VNA

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