Speaking at The Center for Responsible Seafood’s 2023 Shrimp Summit in Vietnam on 25 July, Minh Phu CEO Le Van Quang said his company’s shrimp sales have shown signs of improvement recently.
Minh Phu reported a loss of VND 95 billion (USD 4 million, EUR 3.6 million) in the first quarter of this year, its first Q1 loss in seven years.
Quang said at an annual stakeholders meeting in June that sales would continue to fall through the second quarter, but that the situation in Q3 is expected to be brighter. Despite encountering numerous challenges, Quang said he still believed Minh Phu will achieve its 2023 sales and net profit targets.
More of Minh Phu’s customers have come back with orders than in previous months, although demand remains low compared last year, Quang told SeafoodSource at the summit, which is taking place through 26 July in Ho Chi Minh City.
Vietnam exported shrimp worth USD 1.5 billion (EUR 1.3 billion) in the first half of 2023, down 32 percent year-on-year. Low global demand, a decline in export prices, and fierce competition from other major shrimp-producing countries have together caused the country’s seafood export value to drop, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
Quang and other leaders in the global shrimp industry have gathered at the summit to discuss issues facing the industry such as production efficiency, growers’ livelihoods, market demand, sustainability, and climate change.
The Center for Responsible Seafood is a nonprofit organization centered on research, education, and collaboration to support responsible and regenerative seafood production. The event is co-hosted by The Vietnam Department of Fisheries, the Vietnam Fisheries Society (VINAFIS), the International Collaborating Centre for Aquaculture and Fisheries Sustainability (ICAFIS), the Global Seafood Alliance (GSA), and is receiving support from the vice chairman of the People's Committee of Ca Mau.
Sponsors include The U.S. Soybean Export Council (USSEC), AZ Gems, Inc., Thai Union, MinhPhu Seafood Corporation, Devi Seafoods, Grobest, The Center for Aquaculture Technologies, PT Suri Tani Pemuka, F3 Future of Fish Feed, Apex Frozen Foods, Devi Fisheries, Eastern Fish Company, Aqualma, C.P. Vietnam Corporation, Unibio(India), Mitsui & Co., Hatcheries Private Limited, Quoc Viet, Vitapro, Veramaris, North American Renderers, H&N Seafood, IDH, AEGIS, and Stapimex.
Photo by Toan Dao/SeafoodSource
