Minh Phu Seafood Corporation (MPC - UPCoM) has just released documents for its 2024 Annual General Meeting of Shareholders, scheduled to be held on June 22.
As a result, Minh Phu Seafood has set itself a revenue target of VND 18,568 billion for this year—a 72% increase over 2023—and a post-tax profit target of VND 1,265 billion—a decrease from VND 105 billion in 2023. If everything goes according to plan, this will be the company's biggest profit since 2008.
The leadership of Minh Phu Seafood stated that the company aims to become one of the world's leading seafood suppliers in the near future with two key missions.
First, it will not compete with shrimp products from India and Ecuador in terms of price, but will focus on improving quality and creating market differentiation.
Second, it will focus on completing and promoting shrimp seed production using MPBio Biotechnology to lower the cost of raw Vietnamese shrimp to be on par with Ecuador by 2030, and strive to achieve the goal of self-supplying 50% of the raw shrimp demand for the company's processing plants by 2035.
Assessing the prospects of the Vietnamese shrimp industry, Minh Phu Seafood's leadership stated that currently, Vietnamese shrimp products are facing fierce competition from many other countries in major export markets such as the US, China, and Japan.
According to the 2023 Annual Report, Minh Phu Seafood reported that in 2023, diseases had increased the cost of farmed shrimp in Vietnam. Meanwhile, Ecuador's farmed shrimp production increased to 0.8 - 1.4 million tons, contributing to a global oversupply situation, causing shrimp prices to plummet to only 50% of the cost price.
To face these challenges, Minh Phu Seafood's leadership plans to implement a product diversification strategy, focusing on deep processing to create value-added products and maintain the quality of raw materials.
Additionally, Minh Phu Seafood will consider expanding its market to other countries such as South Korea, Australia, and New Zealand.For the domestic market, Minh Phu Seafood aims to increase its shrimp market share by 5 - 10% this year.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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