Minh Phu Shrimp Exporter to Invest US$20Mln in The U.S.
The Minh Phu Seafood Corporation, one of top biggest shrimp exporters in Vietnam, has got permission from the Ministry of Planning and Investment to increase investment in its company in the U.S. to US$20 million.
The company, which started operation in 2002 with initial investment at US$500,000, focuses on importing and distributing seafood and aquatic products in the huge market.
Established in 1992 as a private firm, Minh Phu has become one of Vietnam’s leading seafood exporters with annual export revenue of over VND2.3 trillion (US$143.7 million).
It is now accounting for 10 per cent of Vietnam’s total revenue from shrimp export.
The corporation now has its shares listed under the MPC code at the Hanoi Securities Trading Center and will move to Ho Chi Minh City bourse late this year. The corporation recently has sold 10 per cent stake to the Singapore’s investment firm Temasek Holdings.
Minh Phu obtained an estimated VND70 billion (US$4.4 million) in profit in the first five months of the year and is looking VND225 billion (US$14 million) in all of this year. (Vietnam & World Economy)
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