Shrimp businesses invest in long-term development
Processing shrimps for export (Photo: VNA)
Having posted double-digit growth last year despite COVID-19 and with opportunities stemming from new-generation free trade agreements, many shrimp enterprises have been investing in building processing facilities and raw material areas for their long-term development.Expanding processing plants
Major players such as the Thuan Phuoc Seafood & Trading Corp., the Minh Phu Seafood Corp., and the Nha Trang Seafood Company have kicked off expansion efforts since the beginning of the year, all in the Mekong Delta.
Thuan Phuoc has opened its 400 billion VND (17.45 million USD) An An shrimp processing plant in Tien Giang province, with a capacity of some 50 tonnes of finished shrimp products a day.
Minh Phu, meanwhile, is preparing to begin the construction of two large-scale processing plants, costing close to 1 trillion VND and with a combined annual capacity nearing 50,000 tonnes, in Hau Giang and Ca Mau provinces. The corporation is also eyeing the construction of another factory in nearby Kien Giang province.
Nha Trang Seafood is completing the final steps to put a processing plant into operation in Bac Lieu province, which will be capable of producing 10,000 tonnes of products annually.
Last year, Sao Ta Foods JSC invested nearly 400 billion VND in simultaneously building two shrimp processing plants in Soc Trang province’s An Nghiep Industrial Park. The two boast a capacity of 20,000 tonnes a year.
Ho Quoc Luc, Chairman of the Sao Ta Board of Directors, said the shrimp sector’s expansion in Soc Trang has seen the engagement of not only large enterprises but also new players.
If the sector maintains its current growth momentum, it will take the lead globally in a couple of years, he added.
Developing sustainable material areas
A draft fisheries development strategy to 2030 and vision to 2045, developed by the Ministry of Agriculture and Rural Development, targets the sector contributing 28-30 percent of national GDP by 2030. Total aquatic output is to reach 10 million tonnes, of which aquaculture output is to account for 70-75 percent. This will be a driving force for businesses to invest in expanding raw material farming areas.
At the “Dialogue 2045” programme chaired by Prime Minister Nguyen Xuan Phuc on March 6, director general of Minh Phu Seafood Le Van Quang said that to ensure sustainable material sources, his corporation has devised a plan on smart and green value chain development that consists of different shrimp farming models suitable to different localities. It has also developed an AI- and blockchain-based mobile phone app to manage shrimp farms.
With the development of sustainable shrimp production models, he went on, Vietnam will be capable of becoming the world’s No. 1 shrimp production and processing powerhouse, holding a market share of 25 percent globally and producing nearly 4 million tonnes of raw shrimp by 2045.
Thuan Phuoc, meanwhile, is developing a 200-ha shrimp farming area in Ben Tre province.
Chairman of its Board of Directors Tran Van Linh said it aims to expand its investment in farming and processing to the north of the Hau River, turning it into a key material area and proactively controlling food safety standards to meet its sustainable development goals./.
Related News
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Notice for businesses exporting watermelons to China
09:40 | 25/04/2024 Customs
Nghi Son port border gate customs: Stimulating demand for import and export through the seaport
06:47 | 30/04/2024 Customs
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Latest News
More businesses to join Vietnam E-Pavilion
16:34 | 05/05/2024 Import-Export
Cooperatives urged to focus on branding to expand exports of organic tea
16:32 | 05/05/2024 Import-Export
Seafood enterprises encounter problems with specialized inspection
10:37 | 05/05/2024 Import-Export
Three groups of export commodities achieved billions of USD
10:36 | 05/05/2024 Import-Export
More News
Speed up the process of issuing "passports" for durian exports
15:14 | 04/05/2024 Import-Export
Vietnamese pomelo likely to be exported to Australia
15:12 | 04/05/2024 Import-Export
Take advantage of E-commerce leverage for export.
13:48 | 04/05/2024 Import-Export
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Your care
More businesses to join Vietnam E-Pavilion
16:34 | 05/05/2024 Import-Export
Cooperatives urged to focus on branding to expand exports of organic tea
16:32 | 05/05/2024 Import-Export
Seafood enterprises encounter problems with specialized inspection
10:37 | 05/05/2024 Import-Export
Three groups of export commodities achieved billions of USD
10:36 | 05/05/2024 Import-Export
Speed up the process of issuing "passports" for durian exports
15:14 | 04/05/2024 Import-Export