US reduces dumping duties on shrimp

The US Department of Commerce has decided to cut anti-dumping tariffs it had imposed on 31 Vietnamese shrimp exporters by 0.01-0.69 percentage points.

The move followed feedback to the department's fourth administrative review conducted between February 2008 and January 2009 of shrimp imported into the US by Nha Trang Seafood Joint Stock Co, Minh Phu Seafood Co, and Minh Hai Seafood Co.

Under the revised tariffs, the duty on shrimps imported by Nha Trang will be reduced from a maximum on 5.58 per cent to 4.89 per cent. Minh Phu will see a reduction of 0.01 per cent to 2.95 per cent, while the others will be subject to a duty of 3.92 per cent, reduced from the previous 4.27 per cent.

The Viet Nam Association of Seafood Exporters and Producers (VASEP) continued to complain, however, that Vietnamese companies were subject to higher duties than Indian exporters, which paid duties no higher than 4.44 per cent.

Last April, Viet Nam asked the World Trade Organisation (WTO) Dispute Settlement Body to set up a panel to review US anti-dumping measures imposed on frozen warm-water shrimp from Viet Nam. WTO general director Pascal Lamy recently appointed three members to the panel.

After six months, the panel was expected to make a final report, clearing the way for further legal action between the parties. If it proceeds, this would constitute Viet Nam's first trade lawsuit against a WTO member

 

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Cost of borrowing declines

HA NOI — The interest rate on loans at commercial banks from August 20-26 was lowered by 1 per cent to about 13 per cent per year.

This move aims to boost the economy after the State Bank of Viet Nam injected capital into the market to improve liquidity.

State owned banks are charging exporters, farmers and rural developers between 12-13.5 per cent per year for both short and long term loans. Private banks charge between 12-14.5 per cent.

The total trading volume on the inter-bank market was VND101.22 trillion ($5.19 billion) in Vietnamese dong and US$1.96 billion in US dollars, up 3.9 per cent and 1.8 per cent, respectively.

Most tradings in dong were made overnight and during the week. Overnight interest rates for the dong rose 0.08 per cent.

Average short term interest rates ranged from 6.78 per cent to 8.56 per cent per year.

The highest lending interest rate was 12 per cent and the lowest interest rate was 6 per cent.

The exchange rate hovers around VND19,480-19,500 per US dollar after the dong depreciated by 2 per cent last week. — VNS

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CPI up 0.23% in August led by education, food

HA NOI— The Consumer Price Index in August increased slightly by 0.23 per cent over last month, the General Statistics Offic announced yesterday.

On aggregate, the CPI was up 8.18 per cent over the same period last year and 8.61 per cent in comparison with the first eight months of last year.

Most commodities groups rose slightly, ranging from a low of 0.1 to a high of 0.6 per cent. Education saw the highest increase of 1.29 per cent, while the only decrease was experienced by post and telecoms at 4.55 per cent.

The second highest increase was in food stuff and restaurant services, which increased by 0.67 per cent and 0.1 per cent in comparison with last month. Housing and construction materials prices were up only 0.07 per cent.

Transport increased slightly by 0.37 per cent despite an increase in fuel prices in the middle of August.

The rise in food and restaurant services groups was attributed to an increase in rice production, for both consumption and export, in southern provinces.

The price of gold was down by 0.88 per cent while the US dollar rose 0.48 per cent over last month.

GSO expert Do Thi Ngoc said the month's CPI increase had not been affected by a rise in fuel price or the depreciation of the Vietnamese dong compared to the US dollar. However, she predicted the coming month's CPI would be impacted by these factors.

In the first eight months of the year, other commodities also saw a high increase, including gold (37.78 percent), transport (16 per cent), housing and construction materials (roughly 15%), other commodities and services (11.79 per cent) and goods (around 11 per cent).

The capital's CPI increased by 0.15 per cent while HCM City's decreased by 0.25 per cent. Thai Nguyen, Hai Phong and Thua Thien-Hue rose by 0.06 per cent, 0.12 per cent and 0.17 per cent respectively. — VNS

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