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September 16, 2014

 

Vietnam's shrimp export to Russia up 5.4%

 

 

Vietnam's seafood exports to Russia rose 5.4% during the first seven months of the year, compared with the same period last year.


Quoting figures from the country's customs department, the Vietnam News Service (VNS) says shrimp accounted for 40% of these exports.


Maybank Kim Eng Securities said Vietnamese shrimp exports are expected to soar in the next few monthsbecause of Russia's current ban on food imports from the US and its EU allies, including Australia.


Moscow imposed the food embargo last month in retaliation for the economic sanctions the US and the EU had slapped on Russia for its role in the on-going Ukraine conflict.


In June, Moscowrenewed the license of 30 Vietnamese companies to ship seafood to Russia.


These companies included Hung Vuong (HVG), An Giang (AGF), Sao Ta (FMC) and Minh Phu (MPC). Hung Vuong holds the biggest share of Vietnam's seafood export to Russia.


With the bright prospects in Russia,shares of Vietnamese seafood processors are enjoying brisk tradingin the local bourse.


Transactions on the shares have so far jumped 50% overall compared with that of mid-August 2014.


Hung Vuong'sshare has risen nearly 35% in the past 20 sessions with an average daily volume of 1.3 million shares.


The share of another seafood exporter, VinhHoan's (VHC), has climbed 72% since June, VNS said. The company plans to buy food processor Van DucTienGiang at VND360 billion (US$16.9 million) to increase its supply of raw materials


Other seafood exporters also reported lucrative operations, such as Seafood Company No. 4 (TS4) and Minh Phu. TS4's net profit in the first half of 2014 reached VND8.83 billion (US$416,500), a 28% increase from the same period last year.


Minh Phu's net profit hit VND500 billion (US$23.5 million), or 10 times that of the same period last year.

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