January 8, 2010

Vietnam seafood stocks gain on world economic recovery outlook

Mekong Fisheries Joint-Stock Co. (MFJSC) rallied the most among Vietnamese seafood shares on the Ho Chi Minh City Stock Exchange after the industry group forecast an increase in demand from the country's major export markets.

MFJSC gained by daily limit of 5% to close at VND35,700 (US$1.93), the highest since November 25. Sao Ta Foods Joint-Stock Co. advanced 4.9% to VND19,200 (US$1.03), the highest since November 24.

"Vietnam's major export markets are recovering from their slowdown last year and we expect that this recovery will boost our seafood exports," said Nguyen Hoai Nam, a deputy general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP).

According to VASEP general secretary Truong Dinh Hoe, the Southeast Asian nation's shrimp exports will increase in 2010. Shrimp exports will double to US$500 million, and overseas sales of prawns will rise to US$1.4 billion, Hoe said.

An Giang Fisheries Import and Export Joint Stock Co. advanced 4.9% to VND36,300 (US$1.96), the highest since November 20. Minh Phu Seafood Joint-Stock Co., Vietnam's second-biggest listed seafood company, climbed 4.9% to VND36,700 (US$1.98), the highest since November 24.

Vietnam's Ministry of Industry and Trade expects seafood exports to rise 6.8% this year to US$4.7 billion as the global economic recovery will help boost orders from key import markets, including the EU, Japan and the US.