Shrimp exports to earn $3.3 billion in 2016

Viet Nam's shrimp exports to the United States this year are expected to rise due 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 Agreement. — File Photo

HA NOI (Biz Hub) — The Vietnam Association of Seafood Exporters and Producers (VASEP) forecast that shrimp exports would reach US$3.3 billion in 2016, up 12 per cent from 2015.

The sector saw a surge in the first month of this year, up 8 per cent from the same period last year, according to VASEP.

Shrimp prices also saw a slight increase of 5-20 per cent in the Mekong Delta region due to low supply.

Statistics from the General Department of Viet Nam Customs showed that shrimp exports to the United States generated $657 million in 2015, up 38.3 per cent from 2014, making the United States the largest import market of Viet Nam.

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

In addition, the United States' growing demand for Vietnamese shrimp, spurred by the rising dollar rate, will increase shipments. Rising demand has also resulted in vibrant shrimp retail promotions in the United States, creating opportunities for Vietnamese shrimp suppliers to boost exports to the country.

In 2015, Vietnamese shrimp was sold in 92 markets, down from 150 markets in the previous year.

Key markets included the United States, Japan, the EU and China, as well as the Republic of Korea, Canada, Australia, the ASEAN and Switzerland. — VNS