US increases anti-dumping tax on pangasius

The US has slightly raised the anti-dumping tax rate for Vietnamese pangasius businesses compared to the preliminary level issued in September last year.

The final tax rate for POR19 has been set at US$0.18 per kilogramme for five companies: Cần Thơ Import Export Seafood Joint Stock Company (CASEAMEX), Cafatex Group, Hùng Vương Corporation and its affiliated companies, IDI International Development & Investment Corporation (IDI), and Lộc Kim Chi Seafood Joint Stock Company.

They did not mention amending tax rates throughout Việt Nam.

Previously, the US Department of Commerce (DOC) reduced anti-dumping duties on shipments of frozen pangasius fillets during the 19th anti-dumping duty administrative review (POR19) from August 1, 2021 to July 31, 2022, down to $0.14 per kilogramme for five companies and "nationwide" (including all exporters not eligible for separate tax rates). The previous national tax rate was $2.39 per kilogramme.

Vĩnh Hoàn Group, which has long enjoyed zero tax when selling goods to the US, did not sell investigated goods in the United States at prices below normal value (NV) during the review period.

The Việt Nam Association of Seafood Exporters and Producers (VASEP) said that Vietnamese pangasius exports to the US reached a value of nearly $16 million in February, down 8 per cent year-on-year, partly due to Lunar New Year holiday.

Exports to this market reached $34 million in the first two months of the year, a growth of 25 per cent over the same period last year, mainly thanks to the strong growth of export turnover in January.

The value of pangasius exports to the US from Việt Nam increased by 83 per cent in January.

According to VASEP, there are some positive signs showing that Vietnamese pangasius will grow well in the US market this year.

The US Government announced an executive order banning the import of Russian seafood in March last year, to tighten the ban on importing Russian pollock, reported Công Thương (Industry and Trade) online newspaper.

However, this decree does not clearly prohibit the import of products from third countries that use Russian seafood as raw materials for processing.

Many forecasts said this decree would significantly affect the world seafood market, possibly re-establishing a new order of the global seafood industry.

The suspension of imports of aquatic products from Russia creates a large gap. VASEP assessed that this would be an opportunity for Vietnamese pangasius to replace two key products, pollock and cod.