Facing accusations of evading anti-dumping duties in the US, Minh Phu Seafood JSC officially stated that it has imported about 10 per cent of the group’s raw materials from India, which is not enough to say that it is going around US tariffs. Minh Phu is facing charges of tariff evasion in the US Republican representative from Illinois, Darin LaHood sent a letter to the Customs and Border Protection (CBP) commissioner Kevin McAleenan requesting an investigation into allegations that Vietnam’s Minh Phu Seafood is possibly evading anti-dumping duties on shrimp from India. “An e-allegation was filed with the US CBP on May 12, 2019, under case reference No.e559A512201919. Based on the information contained in this case, I request that the CBP investigate whether a US importer and its related companies in Vietnam are evading anti-dumping duties on shrimp from India. The information also suggests that these companies may be in violation of the US Seafood Import … [Read more...] about Is Minh Phu evading anti dumping duties on shrimp from India?
Shrimp farming in india
BUSINESS NEWS IN BRIEF 17/3
Farmers need support to expand fruit production Dragon fruits is a key produce in Chau Thanh District, Long An Province. — Photo dangcongsan.vn Fruit is a key produce of provinces around the Mekong Delta. However, small-scale production and poor links from production to purchase, from process to export, are hindering the development of orchards, attendees heard at a workshop held yesterday in the Mekong Delta province of Long An. According to the Ministry of Agriculture and Rural Development, the southern provinces have an area of 596,330ha of fruit trees, accounting for 60 per cent of orchards nationwide. Their annual productivity has reached over 6.6 million tonnes, accounting for 67 per cent of the country. Productivity has risen 61 per cent against that of 2010. Due to scattered production, it is difficult for investors to pour capital into developing infrastructure, setting up links in production and controlling product quality. There are 71 fruit processing … [Read more...] about BUSINESS NEWS IN BRIEF 17/3
BUSINESS NEWS IN BRIEF 13/2
January budget revenue rises 7.5 per cent State budget revenue was estimated at a total of VND144.6 trillion (US$6.15 billion) in January, representing a rise of 7.5 per cent over the same month of 2018. The month’s budget collection was equivalent to 10.2 per cent of the target for the full year. According to the latest report from the Ministry of Finance, domestic revenue accounted for more than 83 per cent of the total and rose by 5.3 per cent over January 2018. Revenue from crude oil was estimated at VND4.5 trillion, up 5.7 per cent. Imports and exports maintained their growth momentum in the first month of 2019, the ministry said, adding that trade revenue reached VND19.5 trillion, or 10.3 per cent of the plan for the full year. Budget spending was estimated at VND92.9 trillion. In January, VND30.4 trillion worth of Government bonds were issued. The ministry said that, in January, it asked the Prime Minister to issue a directive on enhancing the use of official development … [Read more...] about BUSINESS NEWS IN BRIEF 13/2
Shrimp exports at risk from antibiotic residues
Experts have raised warnings about the weaknesses of Vietnam's exported shrimp including unfavourable colour and antibiotic residues which could lead to Vietnam losing markets. Vietnam may lose markets due to antibiotic residues A recent survey conducted by the local authorities in Phu Tan District, Ca Mau Province, about shrimp raising and wastewater treatment showed that only 53 out of 119 shrimp farm owners followed wastewater regulations. This is a common issue across Vietnam. At a meeting about shrimp raising in HCM City, Le Van Quang, deputy head of Vietnam Association of Seafood Exporters and Producers and chairman of Minh Phu Seafood Corporation, said that too many antibiotic residues were Vietnam's shrimp export weakness. Many markets including the US, Japan and the EU have tightened regulations about antibiotic residues. In the past, only 30 percent of Vietnamese shrimp cargoes were inspected, but now all of them are inspected in Japan. South Korean authorities have … [Read more...] about Shrimp exports at risk from antibiotic residues
BUSINESS NEWS IN BRIEF 1/11
The upcoming Vietnam Digital Economy Forum (VDEF) 2018 will include special sessions which focus on Vietnam’s digital economic perspectives, featuring local and international keynote speakers. The VDEF 2018, whose theme is “Challenges and strategic solutions for small- and medium-sized enterprises (SMEs) in the Fourth Industrial Revolution,” will take place on Thursday, November 1, at the Rex Hotel in District 1, HCMC. The forum is co-sponsored by the Association of Vietnam Scientists and Experts, and Quang Trung Software City, as well as by the HCMC People’s Committee. Some 20 policy makers and leading experts at home and abroad from the digital economy industry, together with 500 guests from ministries, organizations and enterprises, are expected to join this event. The Fourth Industrial Revolution has been impacting the structures that make up the foundations of the global economy and society. Every day, millions of people benefit from innovative products and … [Read more...] about BUSINESS NEWS IN BRIEF 1/11