Shares of shrimp exporters surge after US cuts anti-dumping tariffs

Ho Chi Minh City – Shares of shrimp export businesses rose sharply during the trading session on August 22.

Processing shrimp for export (Photo: VNA)

This was a positive sign after Vietnam’s shrimp industry received good news that the US reduced its anti-dumping tariffs levied on Vietnamese shrimp to zero percent.

Specifically, shares of Sao Ta Food Joint Stock Company (coded FMC) rose 6.64 percent to 32,100 VND per share; Camimex Group (coded CMX) up 3.6 percent to 30,300 VND per share; Ca Mau Seafood Joint Stock Company (CAT) increased 1.11 percent to 9,100 VND per share; and Minh Phu Seafood Corporation (MPC) up 8.3 percent to 30,000 VND per share.

A day earlier, the US Department of Commerce (DOC) released the final results of the 13th period of review (POR 13) from February 1, 2017 to January 31, 2018, imposing a zero-percent tariff on 30 Vietnamese shrimp exporters.

According to Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports to the US have recently bounced back. 

In July 2019, shrimp exports to the US market increased 37.2 percent to reach 77 million USD, raising the total turnover in the first seven months of this year to 327.4 million USD, a year-on-year rise of 5 percent.

Apart from the US, Vietnam is exporting shrimp to other major markets such as the EU, the Republic of Korea, and China.