Vietnam, US ink deal on shrimp to settle WTO disputes

• Drought killing Vietnamese shrimp hits seafood exports
• Shrimp farmers going broke due to severe drought
• E.U. offers helping hand to develop Vietnam's shrimp production value chain

The Ministry of Industry and Trade of Vietnam on July 18 signed an agreement with the U.S. Department of Commerce (DOC) and the U.S. Trade Representative (USTR) on anti-dumping duties on imported Vietnamese shrimp, the Vietnamplus reported Tuesday.

The deal was reached to settle two World Trade Organization (WTO) disputes, in which Vietnam sued the U.S. for violating WTO regulations by imposing anti-dumping duties on Vietnamese shrimp.

Previously on May 20, DOC had reviewed prior administrative determinations to bring those decisions into compliance with the WTO dispute findings. As a result, leading Vietnamese exporter of frozen warmwater shrimp, Minh Phu Seafood Corporation, will no longer be subject to the antidumping duty order. Certain domestic litigation will also be resolved and duty deposits will be refunded to Minh Phu, which is estimated at several million U.S. dollars.

Vietnam’s shipment value of shrimp to the U.S. during January-May reached $249.3 million, rising 17.4 percent from the same period in 2015, according to data from Vietnam Association of Seafood Exporters and Producers (VASEP).

Related news:

> Drought killing Vietnamese shrimp hits seafood exports

> Shrimp farmers going broke due to severe drought

> E.U. offers helping hand to develop Vietnam's shrimp production value chain