In the face of significant challenges that led to a loss of over VND 111 billion (USD 4.37 million) in 2023, Minh Phu Seafood, often hailed as the “shrimp king” of Vietnam’s export industry, remains resolute in its pursuit of success. Led by General Director Mr. Le Van Quang, the company recently unveiled its 2023 annual report, revealing both the setbacks and the strategies for a remarkable turnaround.

Navigating Turbulent Waters

The year 2023 proved to be a testing period for Minh Phu Seafood, as the company grappled with a slew of difficulties in production and business operations. The aftermath of the shrimp industry epidemic dealt a severe blow, resulting in a loss exceeding VND 111 billion (USD 4.37 million), a stark contrast to the VND 832 billion (USD 32.75 million) profit recorded in 2022. Key performance indicators, including production output, export turnover, and revenue, witnessed a significant decline of over 30%.

The shrimp industry’s woes were exacerbated by the global landscape, with Ecuador’s shrimp production reaching 1.4 million tons in 2023. This surge in supply led to a surplus, driving shrimp prices to plummet to only 50% of the farming cost, further challenging Minh Phu’s profitability.

Innovation as the Beacon of Hope

Undeterred by adversity, Minh Phu embarked on a quest for innovative solutions to revitalize its operations. Overcoming the hurdles, the company evaluated over 50 cutting-edge shrimp farming technologies worldwide, culminating in the development of the MPBiO biological shrimp farming technology. A breakthrough in sustainable practices, MPBiO technology eschews the use of chlorine in water treatment, harnessing biological and microbiological properties to reduce chemical, electricity, and feed costs significantly.

Mr. Quang emphasized the transformative impact of MPBiO technology, foreseeing a substantial reduction in farming costs by 30-50%. Successfully piloted, this innovative approach heralds a new era of growth and prosperity for Minh Phu Seafood.

Ambitious Targets for 2024 and Beyond

Buoyed by the promise of MPBiO technology, Minh Phu Seafood sets ambitious targets for 2024 and beyond. The company aims to produce and export 56,000 tons of shrimp, generating revenue of VND 15,805.8 billion (USD 622.84 million) and achieving a profit after tax of VND 1,021.5 billion (USD 40.22 million). These goals underscore Minh Phu’s unwavering commitment to reclaiming its position as a leader in the shrimp export industry.

Looking ahead, Minh Phu charts a course for long-term sustainability and growth. By 2030, the company endeavors to equalize the price of Vietnamese raw shrimp with that of Ecuador, paving the way for enhanced competitiveness on the global stage. Furthermore, by 2035, Minh Phu aims to produce 15 billion shrimp seeds using MPBiO technology, achieving self-sufficiency in 50% of raw materials for production—a significant leap from the current 10%.