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Top 5 largest seafood companies in Vietnam (2022 update)

Top 5 largest seafood companies in Vietnam (2022 update)

Saturday 23, 07 2022
The list of the largest seafood companies in Vietnam is updated annually by VietnamCredit in order to give investors and foreign partners who are interested in Vietnam's seafood industry the most objective view of the performance of businesses in this field.

The companies on the list are selected by VietnamCredit’s experts based on both financial and non-financial criteria.

VietnamCredit’s experts

1. MINH PHU SEAFOOD CORPORATION

Minh Phu Seafood Corporation was initially a private enterprise named Minh Phu Export Supply Enterprise established on December 14, 1992. On May 31, 2006, the company became a joint stock company. In 2007, the company listed its shares on the stock exchange with stock code MPC. After 30 years of continuous development, Minh Phu Seafood Corporation has become a company with the largest seafood export turnover in. Minh Phu has not only built a nationwide consumption network but also expanded to major markets in the world such as the US, Canada, EU, and Australia. Besides, the company is the first seafood enterprise in Vietnam to be recognized with Global Gap standard.

Regarding business results in 2021, the company recorded a revenue of VND 13,608 billion, profit after tax of VND 656.5 billion, down 5.3% and 2.6% respectively compared to 2020. At the annual shareholder meeting in 2022, this business set a target of VND 15,774 billion in revenue and VND 1,092 billion in profit after tax. Thus, Minh Phu completed 86.3% of the revenue target and 60.2% of the profit target.

Minh Phu Seafood Corporation

As of December 31, 2021, MPC's total assets increased by 14.8% compared to the beginning of the year to VND 8,566.9 billion. In particular, fixed assets were VND 3,731.3 billion, accounting for 43.6% of total assets; short-term receivables were VND 3,249.8 billion, accounting for 37.9% of total assets; inventory reached VND 1,010.7 billion, accounting for 11.8% of total assets.

In the first quarter of this year, the company recorded a revenue increase of 51% to VND 4,239 billion, profit after tax of VND 90 billion, 3.5 times higher than the low base of the same period last year.

2. VINH HOAN CORPORATION

Vinh Hoan Corporation was formerly known as Vinh Hoan Company Limited, established on December 19, 1997. In 2007, the company transformed into a joint stock company. Vinh Hoan is one of the leading pangasius processing and exporting companies in Vietnam.

The company has the advantage of raw material supply because it is located in Dong Thap province with the environment and conditions considered the most favorable for the farming of fish. The company's products are eligible to export to many countries around the world, including the US and EU countries, the most demanding markets.

In 2021, Vinh Hoan's net revenue reached more than VND 9,054 billion with profit after tax of VND 1,110 billion, up 28% and 54% respectively compared to 2020. With this result, Vinh Hoan exceeded 4.7% of revenue target and exceeded 84% of annual profit target.

At the end of the year, Vinh Hoan had VND 1,192 billion in term deposits, a decrease of VND 173.5 billion compared to the beginning of the year. The company spent nearly VND 80 billion investing in securities. At the end of the year, Vinh Hoan temporarily made a profit of more than VND 1 billion for NLG stock investment and VND 10 billion for DXS.The company recorded a net profit of VND 36.2 billion from trading securities in 2021.

Total assets of Vinh Hoan reached VND 8,734 billion, an increase of more than VND 1,500 billion due to the increasein inventory and receivables from customers.

In June 2022, Vinh Hoan recorded a total revenue of VND 1,063 billion, up 43% over the same period last year. Compared to the previous month, the revenue of this business decreased by 30%.

In particular, all products from pangasius, by-products, and health care products witnessed double-digit growth, at 27%, 46% and 98% respectively.

Vinh Hoan Corporation

Regarding the export market, the US is Vinh Hoan's main market when contributing VND 330 billion in June, accounting for nearly one third of total revenue and growing 11% compared to June 2021. Other markets such as China, Europe or the domestic market all showed improvement in revenue over the same period.

For the first 6 months, Vinh Hoan achieved VND 7,496 billion in revenue, up 81% over the same period last year. This growth in revenue comes in the context of a sharp increase in pangasius prices along with high demand.

3. I.D.I INTERNATIONAL DEVELOPMENT & INVESTMENT CORPORATION

In 2003, I.D.I International Development and Investment Corporation was established. The company registered to list shares on February 17, 2011 at the Ho Chi Minh City Stock Exchange with the stock code IDI.

I.D.I mainly deals in seafood processing, real estate trading, canned animal and vegetable fats and oils. It is considered as one of the largest pangasius processing and export companies in Vietnam, and a reputable supplier of pangasius products in major markets including the EU, South America, and China. The company is also constantly expanding to increase market share in other potential markets such as Russia, Middle East, and India.

Currently, the company's own fish farming and associated farming area reaches 300 hectares, basically ensuring the supply of raw materials for the frozen factory, reaching about 90-95% of the demand for raw materials.

The year 2021 was a favorable year for IDI. Although the company's full-year revenue decreased by 10.2% to VND 5,722 billion, profit after tax increased by nearly 34% to VND 143 billion.

According to the announced consolidated financial statements for the first quarter of 2022, IDI recorded a record high profit growth.

I.D.I's revenue in the first quarter of 2021 reached VND 1,871 billion, up 36.5%. In which, sales of pangasius products and finished products took the lead with VND 874 billion, up 85% over the same period; sales of fishmeal and fish fat dropped to second place with VND 708 billion, up 19% over the same period. Meanwhile, sales of goods, animal feed and services decreased slightly. During the period, the company recorded an additional VND 355 million in sales of real estate goods.

I.D.I International Development and Investment Corporation

Not only net revenue but also financial income in the quarter also increased sharply by 2.7 times, mainly due to interest on deposits and loans increased by 3.3 times. While financial revenue increased sharply, financial expenses decreased, especially interest expenses decreased by 17% (equivalent to VND 15 billion).

Regarding costs, due to the increase in sales revenue, selling expenses also increased sharply by nearly 2.9 times. In which, freight costs alone increased by 3.5 times and accounted for nearly 84% of total selling expenses. . I.D.I's administrative expenses remained basically stable.

After deducting expenses, the company's profit after tax was VND 201 billion, an increase of nearly 10 times compared to the same period last year.

This year, I.D.I approved the revenue target of VND 8,300 billion, up 45% and profit after tax of VND 900 billion, 6.3 times higher than in 2021.

4. SAO TA FOODS JOINT STOCK COMPANY

Formerly an enterprise with 100% state capital, the company was established on January 20, 1995, and went into operation on February 3, 1996, specializing in processing frozen shrimp for export. On January 1, 2003, it was equitized and renamed  Sao Ta Foods Joint Stock Company .

Through nearly 30 years of operation, Sao Ta has laid a solid foundation in major markets such as the EU, Japan and the United States, at the same time kept a pretty good market share in Korea, and Australia. The processing level of shrimp products of this company is among the top in Vietnam. FMC has its own shrimp farming area of 270 hectares, meeting BAP and ASC standards.

In its development strategy, by 2025, Sao Ta will double the shrimp farming area, taking advantage of all opportunities from free trade agreements to expand business scale, increase operational efficiency and be in the top 2 largest shrimp processors in Vietnam.

Sao Ta Foods Joint Stock Company

In 2021, the company recorded revenue of VND 5,199.1 billion, profit after tax of VND 286.93 billion, up 17.8% and 27% respectively over the same period last year.

As of December 31, 2021, total assets of FMC increased by 57.2% compared to the beginning of the year to VND 2,690.6 billion. In which, inventory reached VND 940.77 billion, accounting for 35% of total assets; cash and cash equivalents reached VND 794.4 billion, accounting for 29.5% of total assets; short-term receivables reached VND 368.1 billion, accounting for 13.7% of total assets; fixed assets reached VND 262.97 billion, accounting for 9.8% of total assets.

5. HUNG VUONG JOINT STOCK CORPORATION

The predecessor of Hung Vuong Corporation is Hung Vuong Company Limited, established and put into operation in 2003 in My Tho Industrial Park, Tien Giang Province.

Hung Vuong was once known as the "king of pangasius" in Vietnam when its revenue reached tens of thousands of billion dong. However, after a series of acquisitions from loans, since 2016, this seafood company has fallen into a state of constant loss. In 2019 alone, Hung Vuong suffered losses of more than VND 1,000 billion.

Hung Vuong Corporation

In early 2020, Hung Vuong decided to cooperate with Thadi Corporation - a member of Thaco Group to solve the problem of capital shortage. Thaco then invested a total of about 35% of shares in Hung Vuong. The two also embarked on a joint venture to produce 45,000 pigs in 2020, with a total investment value of VND 2,000 billion and an expected revenue of USD 550 million in 2020.

VietnamCredit

 

 

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