In the third quarter of 2021, Minh Phu Corp (MPC)'s revenue decreased by 36.7% over the same period last year due to the impact of the Covid-19 pandemic, recording VND2,784 billion, but profit after tax increased by 18.6%, reaching more than 289 billions dong.
Le Van Diep, Deputy General Director of MPC, said that the fourth Covid-19 epidemic with the Delta mutation broke out throughout the southern provinces, causing disruptions in the supply chain of goods, including the shrimp industry.
Shrimp processing factories in the Mekong Delta all have to produce according to the "3 on-site" option combined with "1 route, 2 destinations", which has reduced shrimp processing capacity by 30-70%. , could not fulfill the orders for customers, leading to a decrease in revenue.
However, the demand of major shrimp export markets in the world increased, helping the Company to have better selling prices and higher profit margins, so profits still grew.
Accumulated for the first 9 months of 2021, MPC recorded net revenue of 8,887 billion dong, down 11% and profit after tax of 544 billion dong, up 14% compared to the first 9 months of last year.
Entering the fourth quarter, MPC is expected to continue to benefit from the increase in selling prices in the context that the demand for shrimp consumption at the end of the year continues to increase. MPC has received more than 3,200 employees inside and outside Hau Giang province back to work since mid-October. Returning to work will help MPC increase productivity, meet customer orders, and be the driving force for growth during this period. .
In 2021, MPC sets a revenue target of VND 15,775 billion, profit after tax of VND 1,092 billion.
By the end of October 2021, seafood export of Minh Phu Corp reached 323 million USD, accounting for 4.56% of the total seafood export turnover of the country. Minh Phu's shrimp products are exported to over 40 markets, including key markets such as the US, Japan, Canada, Australia, the Netherlands, Russia and many other markets.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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