Vietnam’s largest shrimp and pangasius exporters reaped record revenues

Minh Phu Seafood Corporation posted export revenue of nearly $81million in October, an increase of six per cent over the same period of 2017. From the beginning of this year, the company's export turnover reached $612 million.

The US and Japan are the Minh Phu's big markets, accounting for 40 per cent and 20 per cent of export value respectively since the beginning of 2018.

Minh Phu revealed that the total value of its signed contracts reached $738 million and it is in the way of achieving $800 million - target, the record exporting value of the company.

Minh Phu is the largest shrimp export and processing company in Vietnam and is one of the largest exporters of shrimp in the world. The company owns a closed farming and processing model with high technology applied on a large scale.

Last year, Minh Phu reached over $642 million in revenue and nearly $32 million in profit after tax. Its revenue increased by 30 per cent and profit jumped seven times thanks to sharp growth of demand for seafood products and stable price of raw material.

In the first nine months of this year, Minh Phu's revenue increased by 20 per cent to $538 million and its profit after tax was over $29 million that doubles year over year.

Vinh Hoan, Vietnam's largest pangasius exporter, reported that export revenue was $309 million in the first ten months of this year, a 26 per cent increase over the same period last year. The US now is its largest market accounting for 60 per cent of export value, followed by China and Europe.

The company has a great advantage over other exporters as it is not subject to tax on exports to the US for many years after meeting Department of Agriculture (USDA)'s strict hygiene and safety regulations.

After the first nine months of this year, Vinh Hoan gained over $282 million in revenue and $44 million in after tax profit. The company's profit exceeded its target in 2018 thanks to increasing catfish price since the beginning of the year.