Bianfisco enjoys zero-percent tax in US market

The US Department of Commerce (DOC) has agreed to a zero-percent tax rate for all products that the Can Tho-based Binh An Fishery Joint Stock Company (Bianfisco) exports to the US until 2012.

This is the second time DOC has cleared Bianfisco from its tariffs, making the company the sole Vietnamese tra and basa fish exporter enjoy the zero-percent tax in the US market in the two consecutive years.

Bianfisco CEO and Director General Pham Thi Dieu Hien said the DOC based on the secured quality of Bianfisco’s products to make that decision, which will enable the company to accelerate its penetration into the US market, the one of a high potential.

Bianfisco has invested heavily in building a fish material breeding zone to the Global Partnerships for Good Agriculture Practice (GAP) and applied a management system to track down the entire processing process of its products, from breeding zone to dinner table.

Established in 2005 with initial charter capital of 500 billion VND (26.3 million USD), Bianfisco has emerged as one of the top ten tra and basa fish exporters in Vietnam in 2010.

The company has recently focused on developing a fishery research institute with a staff of more than 20 scientists and experts working in the fields of fish farming, organic chemistry, pathology, biology, water organisms, analytical chemistry, aquatic heredity, reproduction, nutrition, food industry, biotechnology and food processing with the aim of ensuring its product quality.

At present, Bianfisco’s products are sold in more than 80 countries and territories worldwide, with its key markets being the US and the European Union.

If the DOC gives the zero-percent tax rate to Bianfisco for the third time after 2012, the Vietnamese company will enjoy this tax preferential treatment forever, said Bianfisco CEO Hien.

Tags: Bianfisco, Vietnam Seafood, Vietnam seafood exports