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What Opportunities for the Fisheries Sector if the U.S. Recognizes Vietnam as a Market Economy?

Click on the flag for more information about Viet Nam VIET NAM
Friday, May 17, 2024, 07:00 (GMT + 9)

The news that the US is considering recognizing Vietnam as a market economy has brought optimistic hope to many Vietnamese economic sectors, including the fisheries industry.

The US is always in the top 3 largest seafood import markets of Vietnam, there is a lot of room, but there are also many barriers that make Vietnamese seafood enterprises often "struggle". Among them, there are issues that have lasted for many years such as anti-dumping tax on shrimp and pangasius and there is a "hot" issue in 2024 such as anti-subsidy tax on shrimp imported from Vietnam to the US.

Source: Vasep

In the last 10 years, seafood exports to the US have fluctuated at 1.5 billion USD - 2.1 billion USD, accounting for a significant proportion, from 18%-23% of Vietnam's total seafood export turnover. In particular, the US is always the top consumer market for key products such as shrimp, tuna, pangasius...

Vietnam is also an import partner for American seafood traders with an import value of 65-70 million USD/year. Outstanding imported products are salmon, herring, pollock, flounder...

Source: Vasep -->

During the process of the Vietnamese Government requesting the DOC to consider and recognize Vietnam as having a market economy, the VASEP Association actively coordinated in preparing information and arguments to send to the DOC in order to influence the DOC to publicize it. accept Vietnam as a market economy.

It is expected that in July 2024, the DOC will have a decision on whether Vietnam can change its status from a non-market economy to a market economy. If Vietnam is recognized as having a market economy, this will be an advantage for Vietnamese businesses in administrative reviews of anti-dumping taxes on shrimp and pangasius and anti-subsidy (CVD) investigations. next time. 


In October 2023, the American Shrimp Processors Association (ASPA) submitted a request to the US Department of Commerce (DOC) to investigate subsidies on warmwater shrimp from four countries: India, Ecuador, Indonesia and Vietnam. Male. In November 2023, DOC announced an official anti-subsidy investigation against shrimp from other countries.

On March 25, 2024, DOC issued preliminary conclusions on the anti-subsidy investigation of frozen warm water shrimp originating from Vietnam. On the basis of reviewing information from relevant parties including the Government and Vietnamese export enterprises and the US plaintiff, the US Department of Commerce has determined the preliminary anti-subsidy tax rate for Vietnamese enterprises. Male. Specifically, it includes 2.84% for a single mandatory defendant enterprise and for all remaining enterprises; 196.41% for a single defendant business that did not participate in the case.

<-- Source: Stockfile FIS

The anti-subsidy investigation will be conducted in parallel at DOC and ITC, in which DOC will decide the subsidy margin for countries, and ITC will decide whether or not it is harmful to the domestic industry. If one of the two investigation stages concludes negative, the investigation will end.

 


In addition to issues such as anti-dumping tax, anti-subsidy tax, other barriers and regulations may also be considered and reviewed with a looser, more favorable aspect for Vietnam's seafood industry, at the same time. , is also an opportunity to attract more investors from the US to Vietnam's seafood industry, expanding seafood trade opportunities between the two countries.

According to the Ministry of Industry and Trade, for trade defense cases, recognition of market economy regulations is particularly important. This recognition will help reduce anti-dumping taxes on imports from Vietnam, while goods from non-market economies are often subject to higher taxes in anti-dumping tax investigations. When tariff barriers are removed or relaxed, Vietnamese seafood products will regain their competitive advantage in price in the US market, while helping US consumers have more access to quality and affordable seafood sources. Good prices in Vietnam

Notably, there are currently a total of 72 countries recognizing Vietnam as a market economy, including large economies such as England, Canada, Australia, Japan, Korea...

Author: Le Hang | Vasep (Translated from the original in Vietnamese)

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