Minh Phu sees big jump in sales in 2018

Published on
January 11, 2019

Vietnam’s largest shrimp producer, Minh Phu Seafood Corp., ended 2018 with both export volumes and export value increasing substantially compared with 2017, Le Van Quang, chairman and CEO of Minh Phu, told SeafoodSource on 8 January.

The company exported nearly 67,500 metric tons (MT) of shrimp last year, jumping 19.6 percent year-on-year. The export value in 2018 was USD 751 million (EUR 656.2 million), up 7.7 percent from 2017.

In December alone, Minh Phu exported 6,300 MT of shrimp products, up 11.4 percent year-on-year with export value of USD 72 million (EUR 62.9 million), up 9 percent year-on-year.

High demand for Minh Phu’s products in 2018 had resulted in several export contracts signed between May and September, which were delivered between July and mid-November, Quang said in September last year.

Local media on 8 January said Minh Phu is currently the largest shrimp company in the world, as was the case between 2015 and 2017. But talking with SeafoodSource, chairman Quang was cautious about that statement, as he said other global shrimp companies have not revealed their data yet.

Minh Phu’s performance differed from shrimp exports of Vietnam in 2018. The country’s estimated shrimp export value last year fell 7.1 percent to USD 3.59 billion (EUR 3.13 billion). 

Reporting from Hanoi, Vietnam

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