Minh Phu: 70,000 MT shrimp processing capacity by mid 2011.

Vietnam’s largest shrimp exporter Minh Phu Seafood is set to nearly double production volumes in 2011 as it completes its new production plant, its CEO said. 

Based in the Mekong Delta, Minh Phu is an integrated shrimp producer and exporter, controlling the entire process from postlarvae production to farming, processing and sales.

Although small fry compared to large Thai and Indonesian players, the company aims to have a production capacity of 70,000 metric tons by mid-2011.  That is more than triple the 20,000 metric tons it produced at the beginning of 2010.

The expansion is the result of upgrading works carried out on an existing factory, CEO Le Van Quang said.

“By the end of June 2010 we had upgraded the technology of our Minh Phu Camau factories, [expanding them from 20,000 metric tons] to 30,000 metric tons a year,” Le Van Quang, who is also chairman of Minh Phu.

As a result of these efforts, the Ho Chi Minh-lised company expects revenues to rise by 50 percent to $240 million (€181 million) this year, Le Van Quang said. This compares to revenues of VND 3,129 billion (€119/ $158 million) in 2008.

But the expansion is also thanks to a new factory, which Minh Phu started building in Aug. 2009 and which is slated to open in April 2011.  Once completed, the new $80.2 million (€61 million) factory will cover 56.4 hectares in Hau Giang province. It will have a capacity of 40,000 metric tons — bringing the company’s total production capacity to 70,000 metric tons, Le Van Quang said.  Minh Phu is one of Vietnam’s larger exporters. In March 2010, it was the country’s first shrimp producer to obtain the GLOBALGAP certificate.

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