Ca Mau, Vietnam-based Minh Phu Seafood has decided to more than double the charter capital of its Japan-based subsidiary in an effort to boost its shrimp sales.
The charter capital of Minh Phu’s wholly-owned Ebisumo Logistics, which markets Minh Phu’s shrimp products in Japan, will be increased by JPY 21 million (USD 173,000, EUR 155,000) to JPY 40 million (USD 329,000, EUR 295,000), Minh Phu CEO Le Van Quang told SeafoodSource.
The additional funding will support Minh Phu’s goal of achieving to 3 to 5 percent of its overall sales in the Japanese market, Quang said.
In the first two months of 2022, Minh Phu’s sales to Japan totaled USD 18.3 million (EUR 16.4 million), up 42 percent year-on-year and accounting for 20.9 percent of the company’s total export value.
Minh Phu has made a number of other investment decisions to support its expansion recently, Quang said. On 12 March, Minh Phu’s board of directors approved a resolution to increase the charter capital of Minh Phu Green Foods by VND 48 billion (USD 2.1 million, EUR 1.9 million) to VND 50 billion (USD 2.2 million, EUR 2 million) in an effort to boost its domestic sales. In December 2021, the company increased the charter capital of its farming unit, Minh Phu Loc An, by VND 300 billion (USD 13.1 million, EUR 11.8 million) to VND 1.02 trillion (USD 44.7 million, EUR 40 million). And in August 2021, Minh Phu Ninh Thuan Aquatic Larvae Co.’s charter capital was raised by VND 60 billion (USD 2.6 million, EUR 2.4 million) to VND 200 billion (USD 8.7 million, EUR 7.9 million).
In November 2021, Minh Phu committed to building three new shrimp-processing factories in the Mekong Delta. Quang previously told SeafoodSource the move will improve the company’s global competitiveness and help it to retain its status as Vietnam’s top shrimp exporter.
The Ca Mau, Vietnam-based company will spend VND 1.35 trillion (USD 59.1 million, EUR 53 million) to construct the Minh Phat, Minh Qui, and Minh Phu plants, which will each have 18,000 metric tons (MT) of annual capacity, for a total capacity increase of 54,000 MT per year. The plants will all be built in the Khanh An Industrial Park in Ca Mau Province.
Photo courtesy of Minh Phu Seafood
