Minh Phu Seafood Corp to expand shrimp farming area

In the first quarter of 2011, Minh Phu Seafood Corp exported over 4,800 MT of frozen shrimp, valued at approximately US$55.9 million, up 65.57 percent in volume and 79.46 percent in value on that of the same period last year, Mr. Le Van Diep - Deputy General Director of the company said. The U.S remains its largest shrimp importer with more than 1,500 MT, or US$21.86 million, followed by Japan, South Korea, Canada, EU and so on, reports www.megafishnet.com with reference to VASEP.

Until the end of April, 2011, Minh Phu Seafood Corp exported 6,836 MT of finished shrimp, worth US$81.37 million, up 51.81 percent in volume and 73.35 percent in value over the same period of 2010.

Minh Phu Seafood Corp determines that in 2011, it continues to cope with a lot of difficulties such as the global economy remains fragile after global financial crisis, interest rates is too high in domestic and input cost soars rapidly. However, in March 2011, the company has some opportunities to export to Japan because Japan's high demand on value-added shrimp after its past earthquake and tsunami. In the first four months of 2011, the company's shrimp export to Japan surged significantly.

According to the company's business report, in QI/2011, it reached VND1610.38 billion of revenue, up 57 percent and VND11.48 billion of pre-tax profit, up 4 percent over the same period last year.

In March 2011, Minh Phu Seafood Corp decided to raise from VND50 billion to VND150 billion of charter capital for Minh Phu-Kien Giang Seafood Co., Ltd. In April 2011, it continued to raise from VND50 billion to VND150 billion of charter capital for Minh Phu - An Loc Aquaculture Co., Ltd  in An Binh hamlet, An Loc commune, Dat Do district, Ba Ria - Vung Tau province with shrimp farming area of 302.9 ha.

Minh Phu Seafood Corp is on the way to expand farming area with an aim to hold initiative raw materials for producing and processing.