Monday , December 11 2023

Seafood exporter Minh Phu reports surge in profits

Minh Phu Seafood Corp., a leading shrimp exporter, reported consolidated after-tax profits of nearly VND840 billion (US$35.6 million) last year, up 27% from 2021 and its highest since 2015.

Its revenues rose by 20% to VND16.43 trillion.

According to the Vietnam Association of Seafood Exporters and Producers, shrimp exports were worth a record $4.3 billion last year after rising by 11% on high demand and high prices in the first half.

In the second half high inflation in major economies affected demand, and exports declined.

In 2022 shrimp exports to China grew by 61%.

Vietnam’s shrimp exports to it are expected to continue to surge this year after China’s reopening.

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