Minh Phu Seafood Corp: Leading Light in Sustainable Shrimp Ecosystem Development

4:12:01 PM | 22/9/2022

As a leading seafood firm in Vietnam, Minh Phu Seafood ships its products to more than 50 countries and territories in the world, earning over VND10,000 billion a year. Currently, it is forming a sustainable shrimp ecosystem, constantly combining experience, creativity and responsibility throughout its entire end-to-end value chain.

In October 2021, Minh Phu Seafood Corporation kicked off the seafood processing factory chain project in Khanh An Industrial Park, Ca Mau province to further realize its goal of developing a sustainable shrimp ecosystem

30 years of development

Minh Phu Seafood Corporation, formerly Minh Phu Export Supply Private Enterprise, was established in 1992. Through 30 years of development, Minh Phu has become a strong seafood corporation with the largest export value among all seafood exporters in Vietnam.

At present, Minh Phu Seafood Corporation has more than 10 member companies powered by modern equipment capable of processing more than 300 tons of raw shrimp a day. It has not only built up a consumption network nationwide, but also expanded it to major markets around the world such as the United States, Japan, Canada, the European Union (EU) and Australia with a wide range of products in terms of specifications and designs associated with three main product lines: fresh products, steamed products, value-added products. In October 2021, Minh Phu kicked off a seafood processing factory chain in Khanh An Industrial Park, Ca Mau province, to further realize its goal of developing a sustainable shrimp ecosystem. The project chain consists of three shrimp processing factories (Minh Phat, Minh Qui and Minh Phu) that adopted the circular economy model and carbon neutrality in the whole value chain. Each factory is capable of processing 18,000 tons of shrimp products a year.

Currently, Minh Phu Seafood Corporation is building a wastewater treatment system for this project chain. Minh Phat factory is under construction, expected to come into operation from June 2023. Minh Qui factory will start construction in March 2024 and be put into operation in June 2025. Minh Phu factory will commence construction in March 2026 and be put into operation in June 2027. At the same time, the group will also invest in social housing to provide better accommodation for employees.

The factories, once in operation, will not only affirm Minh Phu Group's position but also actively boost the province’s industrial production and export value, provide more jobs and income for laborers, increase State budget revenue and assist local socioeconomic development.

Besides production and business, Minh Phu Group always takes part in local social security

Toward sustainable values

During 30 years of development, what has made Minh Phu Corp. distinctive from its peers and rivals is, apart from being for ordinary consumption, its products are also for historical, cultural values and sustainable development goals. It has obtained many green certifications such as EU Organic, Canada Organic, Selva Shrimp, Mangroves Shrimp and Seafood Watch Green.

Minh Phu Seafood Corporation has built a “Responsible value chain” strategy by connecting and closing in the shrimp production chain, from broodstock, shrimp seed, shrimp feed, export processing, logistics, distribution and retail since 2015. According to its criteria, each unit is responsible for work and products made by themselves at each stage of production.

In Ca Mau province, Minh Phu Seafood Corporation has carried out projects of certified organic shrimp farming areas in mangrove forests in order to fulfill social responsibility and product traceability, develop and improve sustainable people's livelihoods and enhance public awareness of environmental protection. At the same time, Min Phu has built its image as an organic shrimp brand into a specialty and high-quality product that helps local socioeconomic development.

Simultaneously, Minh Phu Seafood Corporation has also fostered digitization in its shrimp production chain. The corporation has invested in shrimp processing complexes with high-tech supporting industries, integrated with AI technology, blockchain platforms and mobile applications to manage shrimp farming. Currently, Minh Phu Corporation is installing solar panels on factory roofs.

Mr. Le Van Quang, Chief Executive Officer (CEO) of Minh Phu Seafood Corporation, said that Minh Phu targets to capture 25% of global shrimp market share by 2045. In the 2021 - 2025 period, the corporation will focus on building a green, clean and sustainable Vietnamese shrimp value chain with competitive prices relative to India, Indonesia and Ecuador; improve processing productivity and reduce the cost of goods sold.

As the leading seafood company in Vietnam, Minh Phu Seafood Corporation delivers its products to more than 50 countries and territories

In the coming time, Minh Phu Seafood Corporation will continue with the goal of building a sustainable, friendly ecosystem with a responsible end-to-end shrimp value chain. Simultaneously, it will scale up and develop new models and technologies of shrimp farming, including farming in forests, to provide the market with the best products, confidence and experiences in every meal.

As a place to lay the "foundation" for the corporation 's growth and with its rich potential for seafood development, built on local input supplies, Ca Mau province will still be a strategic development location for Minh Phu Seafood Corporation in the coming time. Remarking on the province’s business environment, CEO Quang said that Ca Mau is increasingly making its business climate more open and convenient for investors. Authorities at all levels, including the Ca Mau Economic Zone Authority, always support enterprises to remove difficulties and obstacles in investment, production and business.

At Minh Phu Seafood Corporation, products not only have the best quality standards but also carry ripple effects to deliver good value to all stakeholders, making Vietnam a top-class shrimp supplier and making its products distinctive from its competitors.

“Minh Phu Seafood Corporation hopes to receive more attention and support of provincial and local authorities to complete and put its projects into operation in Ca Mau soon, in particular solving procedures for construction of a housing project for 7,000 employees in the resettlement area of Khanh An Industrial Park, thus making them better able to work for Minh Phu Seafood Corporation,” he added.

Source: Vietnam Business Forum