MINH PHU SEAFOOD JOINT STOCK COMPANY

Starting in 1992 as a private enterprise that only supplied seafood with a modest capital of more than VND 100 million, currently MINH PHU SEAFOOD CORP is the largest shrimp exporter in Vietnam. It has a close chain of manufacturing breeding, farming, processing, supplying, and exporting which is implemented according to circular economy and Carbon balance throughout the value chain through its subsidiaries and affiliated companies. MINH PHU SEAFOOD CORP is the first seafood enterprise in the country to be recognized with Global Gap standard for shrimp farming and processing for export to strictest markets such as the USA, Canada, Japan, EU, Australia...In which, the key products that create the reputation of "Minh Phu Shrimp King" are Black Tiger and White Vannamei.

According to the subject, 98% of the group's revenue came from shrimp export activities. USA, Japan, Australia, New Zealand, and EU were key export markets in 2023, in which revenue from USA occupied 22.34% of total sales in 2023, revenue from Japan was 21.28% of total sales, revenue from Australia and New Zealand was 20.49% of total sales, and revenue from EU was 10.20% of total sales.

However, 2023 was a difficult year for the subject. The shrimp breeding area during the year encountered epidemics causing great damage. World market demand decreased sharply under the impact of high inflation. Besides, the subject has encountered fierce competition from shrimp supplies from India and Ecuador. As a result, production output in 2023 fell by 37.07% compared to 2022, export output reduced by 16.77%, and the company lost over VND 100 billion meanwhile it obtained over VND 832 billion in net income in 2022.

In 2024, the company sets a target of production output reaching 56,000 tons, bringing in VND 15,805.8 billion in revenue. Profit before tax and after tax were VND 1,125.6 billion and VND 1,021.5 billion, respectively. And it obtained positive results in the first quarter compared to the first quarter of 2023. Namely, according to the consolidated financial report for the first quarter of 2024, the company reached VND 2,750.6 billion in net sales, increased significantly by 30% compared to the same period last year. Gross profit obtained VND 246.5 billion, jumped by 101%, and the company had VND 7.2 billion in net income instead of a loss of VND 97 billion in the first quarter of 2023.

In the long term, in order to increase competitiveness in the international market, the group has set a key strategy to strive that by 2030, the price of Vietnamese raw shrimp will be equal to that of India, and by 2035 it will produce 15 billion shrimp seeds using MPBiO technology and be self-sufficient in 50% of raw materials for production from about 10% currently, according to media source.