Local shrimp exporter enjoys benefits from US anti-dumping verdict

25/02/2009 12:00 - 631 Views

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 US$4.2 million, was paid by the Mseafood Corporation, in which MPC holds a 90 percent stake, upon gaining entry into the US market.

Following the US Customs Service’s verdict, MPC will benefit from an anti-dumping tax rate of 0 percent being levied on 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 a ten-year record low. The increase has given encouragement to Vietnamese shrimp exporters despite facing a shortage of capital and a rise in production costs.

Vietnam earned more than US$1.6 billion from shrimp exports last year.

Updated : 8:59 AM, 02/24/2009

Source: english.vovnews.vn