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Vietnam's shrimp exports are forecast to reach about $3 million this year, raising the total seafood export value to more than $7 billion, according to Nguyen Xuan Cuong, Minister of Agriculture and Rural Development.
Cuong said that around 680,000 hectares (1.68 million acres) of land has been used to farm shrimp this year, down 1.4 percent against 2015, but total output could hit 680,000 tons, up 14 percent on-year.
The ministry is working with the Australian government to promote exports of fresh Vietnamese shrimp to the country in addition to manufactured shrimp products. Australian officials are expected to Vietnam in November to check shrimp farms before making their final decision.
Despite the prolonged drought and saltwater intrusion, Vietnam’s shrimp export value still went up by 4.6 percent on-year to reach $1.6 million, data from the Vietnam Association of Seafood Exporters and Producers (Vasep) showed.
Export volume to foreign markets followed an upward trend, with shipments to China rising by 38 percent, the U.S. by 16.3 percent and South Korea by 9.3 percent.
However, shrimp exports to the U.S. are expected to face difficulties now that the U.S. Department of Commerce has decided to impose higher anti-dumping duties on Vietnamese frozen shrimp exported from February 1, 2014 to January 31, 2015.
Specifically, businesses that volunteered to take part in the investigation are subject to an anti-dumping duty of 4.78 percent instead of the planned 0.91 percent, while the tariff imposed on the rest will remain at 25.76 percent.
The association is preparing documents to sue the U.S. Department of Commerce, asking for the duties to be brought back to zero on the grounds that Vietnam does not dump shrimp on the U.S. market.
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