The US Department of Commerce (DOC) announced its second reduction in anti-dumping-duties on a Vietnamese catfish export company, after uncovering cost and forex miscalculations.
The Mekong Delta Dong Thap province-based QVD Food Pte (QVD) will see its penal tax reduced to 15.01 per cent from the current 21.23 per cent. In the second administration review conducted by the DOC between August 2004 and July 2005, the bureau lowered the anti-dumping tax on QDV to 21.23 per cent, down from 66.34 per cent.
The reduction was a result of QVD filing a complaint to the DOC over miscalculation of frozen warehouse costs and foreign exchange rates. Other tra and basa catfish exporters in Vietnam will have penal taxes remaining between 45.55 and 63.88 per cent.
The US originally undertook anti-dumping action against catfish imports from Vietnam in 2002.
US anti-dumping actions have forced Vietnamese businesses to explore other markets and diversify into exporting fresh fillet products and value-added products which fetch higher profits.
Vietnam targets annual tra and basa exports of US$800 million by 2010.
The DOC also recently announced a reduction in export levies for two Vietnamese shrimp exporters, both from the southern region of the country, with the EU, Japan and the US reportedly the largest importers of shrimp products.
The two exporters enjoying tax cuts in the first administration review conducted by DOC are the Fish One Company from Mekong Delta province of Can Tho and the Grobest Company based in southern Dong Nai province.
The former sees export duties reduced to 0.01 per cent and the latter to 1.08 per cent. Earlier, the two companies faced tax rates of 4.57 per cent.
Fish One and Grobest were reportedly not subject to anti-dumping lawsuits filed early this year by the US Southern Shrimp Association.
Vietnam seafood exports reached $1.036 billion in the first four months this year, up 20.4 per cent on year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). (Vietnam Economic Times)
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