March 18, 2011

Vietnamese seafood conglomerates merge

Vietnam's Ministry of Agriculture and Rural Development (MARD) held a ceremony on March 17 to mark the merger of three seafood firms-Seaprodex Vietnam, Ha Long Seafood Corporation and and East Sea Fisheries Corporation.

The new corporation, called Vietnam Seafood Corporation (VSC), has a chartered capital of VND839 billion (US$40.20 million) and is a wholly state-owned business.

Deputy Minister of MARD Diep Kinh Tan is VSC's Chairman and Chairman- cum-general director of the Central Region Company, Tran Tan Tam is appointed as the General Director of VSC.

Addressing the merger ceremony, MARD Minister Cao Duc Phat said the move aimed to establish a powerful state business to boost aquatic development in the country.

He also requested VSC promptly arrange jobs for workers from the three former seafood corporations, boost exports, apply further modern science and technology to seafood processing and manufacture, as well as support seafood development nationwide.