Catfish export target to go down due to US tax levy

Photo: Tuoi Tre

Vietnam has cut the earnings forecast for catfish export this year to US$1.35 from the estimation of $1.38 billion in August due to the imposition of anti-dumping tax on the products in the US, according to the Ministry of Agriculture and Rural Development.

Vietnam catfish export to the US immediately fell after the US Department of Commerce (DOC) announced to raise anti-dumping tariff on the products made by five exporters including Vinh Hoan, Vinh Quang, Agifish, ESS LLC and South Vina to 130 percent last month.

Currently, the average price of the product is around $3.5 – $4 a kilogram as Vietnamese product is enjoying the tariff rate of 0.52 percent.

If the tariff exceeds 100 percent, American customers will have to pay about $7-$8 a kilogram, thus making Vietnamese catfish products much less competitive, Vietnam News Agency quoted Nguyen Huu Dung, Vice President of the Vietnam Association of Seafood Exporters and Processors as saying.

Vietnam is one of the biggest catfish exporters in the world, and the annual export of raw material totals 1.2 million tons a year.

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Catfish export target to go down due to US tax levy

Photo: Tuoi Tre

Vietnam has cut the earnings forecast for catfish export this year to US$1.35 from the estimation of $1.38 billion in August due to the imposition of anti-dumping tax on the products in the US, according to the Ministry of Agriculture and Rural Development.

Vietnam catfish export to the US immediately fell after the US Department of Commerce (DOC) announced to raise anti-dumping tariff on the products made by five exporters including Vinh Hoan, Vinh Quang, Agifish, ESS LLC and South Vina to 130 percent last month.

Currently, the average price of the product is around $3.5 – $4 a kilogram as Vietnamese product is enjoying the tariff rate of 0.52 percent.

If the tariff exceeds 100 percent, American customers will have to pay about $7-$8 a kilogram, thus making Vietnamese catfish products much less competitive, Vietnam News Agency quoted Nguyen Huu Dung, Vice President of the Vietnam Association of Seafood Exporters and Processors as saying.

Vietnam is one of the biggest catfish exporters in the world, and the annual export of raw material totals 1.2 million tons a year.

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Apparel industry to achieve export target early

Photo: Reuters

The garment industry will achieve this year’s export target of US$10.5 billion by November, the Vietnam Textile and Apparel Association said.

In September, for a third consecutive month, exports topped $1 billion, taking year-to-date exports to more than $8 billion.

Since most firms have signed contacts for the rest of the year, exports will be worth at least $1 billion each month this quarter, VITAS said.

This year exports to major traditional markets have seen high growth. Exports to the US are up 22.1 percent to $3.94 billion, while shipments to the EU and Japan are 6.7 percent and 14.3 percent up at $1.18 billion and $691 million.

However, a surge in the global price of cotton has had a negative impact on the industry which imports 95 percent of its cotton needs. The price of a ton has risen 45 percent from the same period last year to $1,900-2,000.

Vietnam imported 260,000 tons of cotton in the first nine months and that figure is likely to reach 370,000 tons by year-end.

With the government setting export targets of $19 billion in 2015 and $25 billion in 2020, the industry is eyeing increased cotton cultivation and development of human resources to meet the increasing needs.

On the domestic front, in an effort to capture a greater market share, it is promoting trademarks and setting up distribution networks around the country.

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