Vietnam, along with India and Ecuador, may be forced to pay anti-subsidy duties on shrimp exported to the US ranging from less than 2% to a maximum of 196%.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said that in the next few days, the US Department of Commerce (DOC)'s preliminary anti-subsidy tax on shrimp exports from Vietnam, India, and Ecuador is expected to take effect.
The duties will be refunded if investigators determine that the countries did not commit illegal subsidies or that the subsidized imports did not harm the U.S. shrimp industry.
However, a final decision will not be made until the fall or winter of 2024, meaning shrimp exporters could be bearing the brunt of the tariff costs for most of this year.
According to VASEP, the tax deposit requirement of most Vietnamese enterprises is 2.84% or more. In the case of Soc Trang Seafood Joint Stock Company, it is 2.84%, and for Thong Thuan Company, it is 196.41%.
Currently, Vietnam, India, Ecuador, and Indonesia are the four target countries of DOC in this review because they account for 90% of shrimp imports into the US in 2023. Of which, India exports the most, followed by Ecuador and Indonesia. Currently, the tax rate for Indian shrimp is 3.89% - 4.72%; Ecuador is 1.69% - 13.41%; Indonesia alone has a tax rate of less than 1% but does not require a deposit.
Duc Minh
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