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Wednesday, June 26, 2024

Countervailing duties likely imposed on Vietnam’s shrimp exports to U.S.

By Nguyen Tan

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HCMC – The United States Department of Commerce (DoC) has announced its intention to impose preliminary countervailing duties (CVD) on shrimp imports from three countries, including Vietnam.

According to the preliminary determinations released by the DOC on March 26, these countries, along with specific companies within them, benefited from subsidies which provided them with an unfair advantage in the U.S. market.

As a result, shrimp exporters from Vietnam, India, and Ecuador are required to place cash deposits ranging from 2% to 196%, effective from the end of this week.

For Vietnamese shrimp exporters, this translates to a 2.84% rate for Stapimex, 196.41% for Thong Thuan, and 2.84% for most other Vietnamese shrimp exporters to the U.S.

These deposits will be refunded if investigators determine that there is no evidence of subsidies or if the subsidies are not substantial enough to harm the U.S. shrimp industry.

However, the final determination will not be made until September of this year. In the meantime, shrimp exporters to the U.S. will need to make deposit payments from now until that time.

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