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) In 2023, total pangasius imports into the European Union saw a significant decline compared to the previous year. Approximately 70,000 tons were imported, 3,000 tons less than in 2022, according to a report from FAO-Globefish.
(seafood.vasep.com.vn) On December 11, Vinh Hoan Joint Stock Company (Vinh Hoan Corp) was once again honored in the "Top 50 Most Effective Businesses in Vietnam" ranking, compiled annually by the Investment Bridge Magazine. This marks the 11th consecutive year Vinh Hoan has been recognized in this prestigious list.
(seafood.vasep.com.vn) The purchase price of raw pangasius in the first 11 months of 2024 remained at 26,000-27,000 VND/kg. However, farmers faced challenges in earning profits due to rising costs of fish feed, fuel, and labor during the year.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX) recently announced its production and business results for November 2024, showing a 5% year-over-year increase in revenue but a 21% decline compared to the previous month.
(seafood.vasep.com.vn) Soc Trang province underscores the critical role of the fisheries sector in driving its socio-economic development. Located along Vietnam's coastline, the province features 72 km of shoreline, three major estuaries—Dinh An, Tran De, and My Thanh—and a dense river network encompassing diverse ecosystems, including saltwater, brackish, and freshwater. These natural resources provide ideal conditions for the growth of aquaculture, making the fisheries sector a cornerstone of Soc Trang’s economic strategy.
(seafood.vasep.com.vn) In 2024, the pangasius industry in Dong Thap is projected to achieve a production value of VND 8.802 billion, marking a 2.86% increase compared to 2023 and accounting for over 17% of the province's total agricultural, forestry, and fishery production value.
(seafood.vasep.com.vn) Vietnam's tuna exports to Japan have seen robust growth over the past two months. Data from Vietnam Customs shows that in October 2024 alone, tuna exports to Japan surged by 31% year-on-year, reaching nearly USD 3.5 million. This growth has offset the decline experienced in the first half of the year, raising the total export value for the first ten months of 2024 to nearly USD 28 million, a 5% increase compared to the same period last year.
A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.
(seafood.vasep.com.vn) On November 18, Ms. Truong Ha Phuong Anh, Director of the Center for Investment Promotion and Business Support (iPEC), stated that during the Ca Mau Province Agricultural and Aquatic Products Trade Promotion Conference 2024, held on November 15, there were 209 direct trade interactions between 42 seafood processing and exporting enterprises, OCOP producers in the province, and five leading domestic retail companies: Central Retail, Saigon Co.op, Kingfood Mart, Bach Hoa Xanh, and Satra Supermarket.
In 2024, the Binh Dinh Agricultural Extension Center successfully implemented a semi-intensive and intensive two-stage whiteleg shrimp farming model using Semi-Biofloc technology.
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