Vinh Hoan hits seven-month high on Russian approval

Vinh Hoan Corporation (VHC) rose to a more than seven-month high at the Ho Chi Minh Stock Exchange Tuesday after the seafood processor and trader received approval to export its products to Russia.

The share price rose 4.9 percent to VND28,000 (US$1.57), the highest level since October 1.

Vinh Hoan, based in the Mekong Delta province of Dong Thap, won permission from Russia to export seafood products to that market starting this month, the Ministry of Industry and Trade said in a statement on its website after the market closed on Monday.

Russia stopped importing Vietnamese seafood in December amid concerns about the nation’s food safety and hygiene standards, the Vietnam Chamber of Commerce and Industry said on December 29.

Vinh Hoan exports its products to the US, Europe and a number of Asian countries, according to a statement on its website.

thanhnien, bloomberg

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