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Phu Minh Hung Seafood Jostoco predicts short raw shrimp supply in 2012
In 2011, 50 percent of raw shrimp production in the North of Vietnam got damage, causing rocketing price of shrimp. To stabilize its processing operation, Phu Minh Hung Seafood Joint Stock Company (Phu Minh Hung Seafood Jostoco) had to purchase raw material across Da Nang and Hue provinces. According to the company’s Director Dang Ngoc Son, 2012 must be a tough year for Vietnam seafood companies.
In 2011, Phu Minh Hung Seafood Jostoco reached total export revenue of US$14 million, up 10 percent against that of last year. Whiteleg shrimp accounted for 90 percent of total value and Japan was the company’s main market with a proportion of 70 percent of total export volume.
Vietnam seafood companies still concern that the unpredictable weather in 2012 could get raw material uncertainty. However, they hope that the government will have policies on stabilizing economy, controlling inflation, reducing bank loan rate in order to help seafood companies access to credit easier and strengthen their export competitiveness.
Mr. Son said that in 2012, Phu Minh Hung Seafood Jostoco must double its raw material production for processing.
Since early 2012, the company will carry out measures to solve scrutiny of raw shrimp and lack of workers. Its strategy for 2012 is to focus on accelerating import of raw material in order to compensate the domestic lack; increasing production of value-added products; and stabilizing export structure.
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