The US Department of Commerce (DOC) has issued the final affirmative countervailing duty determination on frozen warmwater shrimp from Việt Nam, according to the Trade Remedies Authority of Việt Nam.
The rice-shrimp cultivation area in Thới Bình District, Cà Mau Province, has earned the Best Aquaculture Practices (BAP) certification from the Global Aquaculture Alliance (GAA), making it the first aquatic farming establishment in Việt Nam to receive this honour.
Businesses, farmers, and management authorities need to develop rational strategies in response to market changes to breakthroughs and achieve the set export revenue target of US$4-4.3 billion for the year, experts have said.
According to the Việt Nam Association of Seafood Exporters and Producers (VASEP), in the first six months of this year, the shrimp export value reached about US$1.6 billion, up six per cent year on year.
Shrimp farmers in the coastal province of Bến Tre are struggling to expand their farming areas or invest in hi-tech farming methods since they are getting low prices.
Cà Mau will spend VNĐ20 trillion (US$785.5 million) promoting the shrimp industry with a view to making the province the biggest shrimp raising hub in the Cửu Long (Mekong) River Delta region by 2030.
For key shrimp products alone, 34-48 per cent of Vietnamese shrimp output imported into South Korea is subject to an out-of-quota tax of 20 per cent in the 2016-2023 period.
With available potential and advantages, the Mekong Delta province of Bạc Liêu has been developing many shrimp farming models applying high technology, being environmentally friendly, enhancing the value chain and becoming a leading locality in the country in this field.
Having identified its weakness in 2023, entering the first quarter of 2024, Việt Nam''s shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
Once the preliminary determinations are published to the Federal Register, importers will be required to place cash deposits equal to the rates determined by the DOC for up to four months.