However, it is hoping recently signed free trade agreements (FTAs) with the Republic of Korea (RoK), EU, the Eurasian Economic Union (EEU) will alleviate the situation and get shipments flowing again in 2016.
During 2015, shrimp were exported to 92 markets, though there were acute declines in trade with many of the nation’s principle markets including the US, EU, Japan and China.
VASEP also hopes the reduction of the US Department of Commerce (DOC) anti-dumping duty to 0.93% on frozen shrimp for POR9, which is much lower than the 6.37%. rate applied for the POR8 will positively affect the market.
According to VASEP, the US remained the top importer of Vietnam shrimp for 2015. However, shrimp exports to the market dropped 38.3% to US657 million compared to 2014 due to fierce competition and decrease in prices.