The agreement also provides a framework for the settlement of certain US court litigation, as well as the resolution of certain outstanding duty claims covering various administrative reviews of the warmwater shrimp antidumping duty order.
According to the Vietnamese newspaper, VietnamNet, the agreement now means that Minh Phu Group will no longer be subject to the antidumping duty order.
However, the antidumping duty order will remain in place for all other exporters of warm water shrimp from Vietnam.
"We welcome the resolution of this longstanding issue," said Assistant US Trade Representative Barbara Weisel.
"This agreement demonstrates the commitment of the United States and Vietnam to address outstanding issues as we work to take our relationship to the next level."
"I am pleased that we have resolved this challenging matter in a way that is agreeable to the parties and that preserves our ability to effectively remedy unfair trade, providing US businesses and workers the opportunity to compete on a level playing field," said Assistant Secretary of Commerce for Enforcement and Compliance Paul Piquado.