In addition to setting a record profit target for this year, Minh Phu Seafood Group (MPC) said it will consider expanding into a number of foreign markets and increasing its market share in the domestic market.

Minh Phu Seafood Corporation (MPC - UPCoM) has just released documents for its 2024 Annual General Meeting of Shareholders, scheduled to be held on June 22.

As a result, Minh Phu Seafood has set itself a revenue target of VND 18,568 billion for this year—a 72% increase over 2023—and a post-tax profit target of VND 1,265 billion—a decrease from VND 105 billion in 2023. If everything goes according to plan, this will be the company's biggest profit since 2008.

The leadership of Minh Phu Seafood stated that the company aims to become one of the world's leading seafood suppliers in the near future with two key missions.

First, it will not compete with shrimp products from India and Ecuador in terms of price, but will focus on improving quality and creating market differentiation.

Second, it will focus on completing and promoting shrimp seed production using MPBio Biotechnology to lower the cost of raw Vietnamese shrimp to be on par with Ecuador by 2030, and strive to achieve the goal of self-supplying 50% of the raw shrimp demand for the company's processing plants by 2035.

Assessing the prospects of the Vietnamese shrimp industry, Minh Phu Seafood's leadership stated that currently, Vietnamese shrimp products are facing fierce competition from many other countries in major export markets such as the US, China, and Japan.

According to the 2023 Annual Report, Minh Phu Seafood reported that in 2023, diseases had increased the cost of farmed shrimp in Vietnam. Meanwhile, Ecuador's farmed shrimp production increased to 0.8 - 1.4 million tons, contributing to a global oversupply situation, causing shrimp prices to plummet to only 50% of the cost price.

To face these challenges, Minh Phu Seafood's leadership plans to implement a product diversification strategy, focusing on deep processing to create value-added products and maintain the quality of raw materials.

Additionally, Minh Phu Seafood will consider expanding its market to other countries such as South Korea, Australia, and New Zealand.For the domestic market, Minh Phu Seafood aims to increase its shrimp market share by 5 - 10% this year.