Minh Phu Gets Zero Duty Margin After US and Vietnam Settle Shrimp Dumping Disputes
Vietnam’s top shrimp exporter Minh Phu group was given a zero percent anti-dumping duty margin following a decision by the World Trade Organization (WTO) and a deal between Vietnam and the US. Minu Phu's rate was readjusted to zero percent after the US recalculated the duty without using its controversial "zeroing" methodology. Vietnam originally challenged Minh Phu's rate before the WTO in 2010 on the grounds the calculation violated existing tariff and dumping duty laws. A WTO Panel agreed with Vietnam's challenge and asked Commerce to reassess the rates. This week the US and Vietnam settled the disputes and will no longer base Minh Phu's duty rates on the zeroing practice.
We run several stories from India today. First, the Charoen Pokphand Group will expand its operations to India with a corn processing facility and a shrimp plant. CP India's corn facility will supply the region's shrimp feed producers with raw material, which should cut production costs for Indian shrimp producers. The company also plans to establish a shrimp plant as part of a $400 million investment strategy it has for the Indian market.
Meanwhile, India's recent announcement to open up direct foreign investment in its aquaculture sector is expected to improve shrimp hatchery production. India's Hatchery Association says foreign investment funds will be used to improve shrimp broodstock output and quality that will compete with foreign suppliers. Though not the result of foreign investment, one India's shrimp producers The Waterbase announced a $3 million plan to build a shrimp hatchery in Andhra Pradesh. The company says the hatchery will produce 500 million seeds and should be operational by March 2017.
In other news, Orca Bay Seafoods promoted five of its staff members to various executive management positions. Dave McGee was named Chief Financial Office; Scott Russell was promoted to VP of Operations; Justine Reynolds will take over as Quality Assurance Director, and Larry Collings was elevated to Senior Purchasing Manager while Mike Holzberger will take over as imports manager.
Finally, crawfish sales in Louisiana this past season were excellent according to local fish markets. Vendors credited good price points for some of the best sales figures in eight years.
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