According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the US Department of Commerce has announced its preliminary results of the 9th period of review (POR9) according to which the average tariff dropped to 0.93 per cent from 6.37 per cent imposed in the POR8 on Vietnamese shrimp exporting to the US in the period from February 1, 2013 to January 31, 2014.

Of this, Fimex VN will enjoy a zero tariff rate, while the Minh Phu Seafood Corp will bear the highest rate at 1.5 per cent, followed by Thuan Phuoc Corp at 1.06 per cent.

A main reason for the sharp reduction in tariffs is that the DOC calculated the tariff rates based on appropriate data from 3 countries - Bangladesh, India and Indonesia.

If the rates of the DOC’s preliminary results are unchanged, Vietnam will have more favourable conditions to export its seafood products to the US market in the future.

The final result on the rates will be announced after 90 days from the date of release of the preliminary results.

At present, the US is the largest importer of Vietnamese shrimp. Vietnam earned more than US$1 billion in revenue from shrimp export to the United States last year.