Minh Phu Seafood Corporation (stock code MPC) – one of the long-standing leading enterprises in Vietnam’s shrimp export industry, often referred to as the “shrimp king” headed by Mr. Le Van Quang as General Director, has just released its 2023 annual report with much remarkable information.
In his message to shareholders, Mr. Le Van Quang stated that in 2023, Minh Phu’s production and business situation faced many difficulties, leading to a loss of more than 111 billion VND, while in 2022, the profit reached 832 billion VND. The indicators of production output, export turnover, and revenue all decreased by more than 30%.
The shrimp industry’s disease outbreaks over the past year were pointed out by the shrimp king as the cause that dealt a heavy blow to the entire industry, and Minh Phu was no exception. As a result, the farming cost of Vietnamese shrimp, which was already high, became even higher.
On the opponent’s side, farmed shrimp from Ecuador increased by 1.4 million tons in 2023, causing the global shrimp supply to exceed demand, resulting in a sharp decrease in shrimp prices to only 50% of the farming cost.
Minh Phu’s booth at the Vietfish fair
“Instead of surrendering, Minh Phu has reviewed more than 50 advanced shrimp farming technologies in the world that the company has tested to combine and create the MPBiO biological shrimp farming technology. This technology completely eliminates the use of chlorine to treat the water supply and instead uses biology/microorganisms, reducing water treatment chemical costs by over 95%, electricity costs by 50-70%, and shrimp feed costs by over 30%… Thereby reducing farming costs by 30-50%” – Mr. Quang clarified.
This technology has been successfully tested and implemented and is considered by Minh Phu as the key for the company to enter a new stage of brilliant development.
In 2024, Minh Phu has set a plan to produce and export 56,000 tons of shrimp, with a revenue of 15,805.8 billion VND and a profit after tax of 1,021.5 billion VND.
In the long term, Minh Phu strives to achieve the cost of Vietnamese raw shrimp equal to that of Ecuador by 2030; by 2035, Minh Phu will produce 15 billion shrimp seeds using MPBiO technology and become self-sufficient in 50% of its raw materials for production, up from the current level of about 10%.
