US removes anti-dumping tax on Minh Phu shrimp

United States Customs and Border Protection (CBP) has cancelled anti-dumping tariffs imposed on Minh Phu’s subsidiary.
us removes anti dumping tax on minh phu shrimp
Minh Phu was honest in its report and put in a great deal of effort during the EAPA investigation, assessed the CBP

Le Van Quang, general director of Minh Phu Corporation (MPC) said that the decision has been made in the morning of February 11. Accordingly, Minh Phu is allowed to continue exporting frozen shrimp to the US without being subjected to any type of anti-dumping tax. Besides, the company will be refunded the anti-dumping taxes which it temporarily paid due to the decision from October 13, 2020.

“We are very pleased and satisfied with this decision. It demonstrates a thorough, fair, and accurate assessment of our traceability system,” Quang said.

On October 13 last year, CBP announced that it had this enough evidence that MSeafood Corporation, belonging to MPC, violated US commercial law by using frozen warm water shrimp imported from India to avoid dumping tax.

On November 10, MPC submitted a legal complaint to the senior agency of CBP, asking to reconsider the conclusion, as it was ignored that Minh Phu has its own traceability system and does not use Indian raw shrimp for goods exported to the US. MPC submitted evidence that the company did not use Indian shrimp for frozen shrimp exported to the US.

Since the end of 2019, the company’s traceability method has been approved by the National Oceanic and Atmospheric Administration (NOAA), under the US Department of Commerce, based on the agency’s requirements under the Seafood Import Monitoring Program (SIMP). Besides, this enterprise also stopped importing Indian shrimp even though there was not enough raw material to cover its production.

According to the parent company’s financial statements, last year Minh Phu recorded a revenue of approximately VND9.34 trillion ($406.1 million) and pre-tax profit of nearly VND6 trillion ($260.87 million).

By Truc Anh

Nguồn: Vietnam Investment Review

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