Vietnam’s leading shrimp company, Minh Phu Seafood, aims to almost double its net profit target this year as it plans to raise production and sales of shrimp to better serve market demand.
The company hopes to earn a net profit of VND 1.266 trillion (USD 54.4 million, EUR 50.8 million) in 2022, an increase of 95.2 percent year-on-year, according to documents prepared for its annual stakeholders meeting scheduled to take place on 24 June.
Minh Phu aims to produce 64,600 metric tons (MT) of processed shrimp in 2022, up 7.7 percent from last year. The export value this year is planned at USD 796 million (EUR 742.6 million), a growth of 22.7 percent year-on-year.
In the first five months, Minh Phu exported shrimp worth USD 266.4 million (EUR 248.5 million), an increase of 25 percent from the same period in 2021, data Minh Phu provided to SeafoodSource showed.
Japan was the largest buyer of shrimp from Minh Phu in terms of value, purchasing volume worth USD 61.3 million (EUR 57.2 million), up 28 percent year-on-year.
Combined sales to Australia and New Zealand over January-May were USD 45.9 million (EUR 42.8 million), rising 53 percent from 2021. The company’s exports to the European Union totaled USD 42.4 million (EUR 39.5 million) in the first five months, 31 percent higher year-on-year; its U.S. exports were up 10 percent to USD 42.1 million (EUR 39.3 million). Its shipments to Canada reached USD 39.7 million (EUR 37 million) in value, up 57 percent year-on-year.
However, Minh Phu’s sales to Hong Kong, Taiwan, Easter Europe, Russia, and China declined by between 3 percent and 100 percent year-on-year. In 2021, Minh Phu’s export value surged 9.9 percent year-on-year to USD 648.7 million (EUR 605.2 million). Its production of processed shrimp was 59,968 MT, up 1.8 percent year-on-year.
The company’s net profit in 2021 went down 2.6 percent year-on-year to VND 656.6 billion (USD 28.2 million, EUR 26.3 million). Minh Phu attributed the decline to the adverse impacts from lockdowns to curb the COVID-19 outbreak in Vietnam last year, as well as the relevant logistics disruptions in other markets.
Photo courtesy of Minh Phu
