Vietnam's Kinh Do Food Corporation (KDC) expects its net profit to rise by one third this year and to complete the takeovers of two subsidiaries, including North Kinh Do Food Co (NKD), an executive said on Thursday.
Le Phung Hao, Deputy General Director of the Ho Chi Minh City-based firm, said this year's net profit would rise 37.8 percent from 2006 to 332 billion dong ($20.5 million) and to 572 billion dong ($35.4 million) next year.
"We will complete the acquisitions within this year after a share issue for which we are seeking licence from the State Securities Commission," Hao told Reuters on the sidelines of a conference in Hanoi.
In April, Kinh Do said it would issue 11 million shares to raise funds for three property projects and lift its registered capital by 30.6 percent to 470 billion dong ($29 million).
"We need more than 1,200 billion dong for our property projects," Hao said.
The projects include an office building in downtown Ho Chi Minh City, a shopping mall and office complex and an apartment building.
"Foreign investors are arriving in Vietnam, people's living standards are also getting higher, so the pressure on housing in Ho Chi Minh City is huge," Hao said.
Kinh Do was also running a venture with a Vietnamese military company to build a complex of office, trade promotion facilities and apartments in Ho Chi Minh City, he said.
Kinh Do's future business would include food processing, retail property and financial investment with food processing still contributing 70-80 percent of revenues, Hao said.
After the share issue, Kinh Do will take over the North Kinh Do Food Company, based in the northern province of Hung Yen.
It would be the first acquisition between two firms listed on the country's fledgling stock market, which has risen about 20 percent so far this year after a 144 percent surge last year.
North Kinh Do, which has a market value of $144 million, makes cakes, snacks and processes foods for domestic markets and export to the United States and Taiwan. Its shares last traded flat at 230,000 dong ($14.2) each.
Kinh Do makes food, confectionaries and fruit juice. It is also a general trading firm, dealing with a wide range of goods from textiles and electric appliances to stationery, fruit and vegetables.
Shares in Kinh Do ended up 2.04 percent at 250,000 dong ($15.5) on Thursday, valuing the company at $557 million.
It would also take over Kido Company, another subsidiary in the 10-member Kinh Do group, Hao said.
Source: Reuters
Showing posts with label Food. Show all posts
Showing posts with label Food. Show all posts
Thursday, August 30, 2007
Wednesday, August 29, 2007
Indochina Capital buys stake in BIM Seafood
The Ha Long Investment and Development Company (BIM Group) on Aug. 28 announced the establishment of the BIM seafood joint stock company (BIM Seafood), the first shrimp processing association model in Viet Nam that will see 20 percent stake go to Indochina Capital.
The signing of a strategic cooperation pact between BIM Seafood and Indochia Capital Vietnam Holdings (ICVH), will allow ICVH to play the role of strategic investor and provide business and financial aid to BIM Seafood.
According to Peter R. Ryder, General Director of Indochina Capital, BIM Seafood is well placed to become a leading seafood processing company in both the domestic and international markets.
BIM, established in 1994, is involved in infrastructure and real estate development, seafood, salt production and tourism. BIM Seafood will be a top to bottom model from breeder shrimp production to, shrimp farms, to processing factories and the company's distribution network.
Source: VNA
The signing of a strategic cooperation pact between BIM Seafood and Indochia Capital Vietnam Holdings (ICVH), will allow ICVH to play the role of strategic investor and provide business and financial aid to BIM Seafood.
According to Peter R. Ryder, General Director of Indochina Capital, BIM Seafood is well placed to become a leading seafood processing company in both the domestic and international markets.
BIM, established in 1994, is involved in infrastructure and real estate development, seafood, salt production and tourism. BIM Seafood will be a top to bottom model from breeder shrimp production to, shrimp farms, to processing factories and the company's distribution network.
Source: VNA
Thursday, August 02, 2007
Biggest catfish processing firm to listed
In another nod to Viet Nam’s runaway seafood industry, Navifishco, the country’s biggest fillet processing company is gearing up to be listed on the stock exchange by the end of this month.
Located in the Mekong delta province of An Giang, the Nam Viet Corporation has a chartered capital of 660 billion VND (41.2 million USD) and five factories that process around 2,000 tonnes of fish per day.
Expansion plans are underfoot for the company as it in the midst of rolling out a 500-ha aquaculture zone and a 35,000 tonne cold storage facility.
Navifishco’s “tra” and “basa” catfish have been exported to 65 countries and territories worldwide.
According to the latest statistics, the company’s export revenues fetched around 120 million USD in the first six months of the year, making up 30 percent of the total seafood export turnover of An Giang province which boasts the largest catfish output in the Mekong delta.
Chairman of Navifishco’s Management Board Doan Toi said his company plans to build another catfish processing plant with a capacity of processing 750 tonnes of catfish per day and a fish feed factory with a capacity of between 300,000 and 500,000 tonnes per year.
Source: VNA
Located in the Mekong delta province of An Giang, the Nam Viet Corporation has a chartered capital of 660 billion VND (41.2 million USD) and five factories that process around 2,000 tonnes of fish per day.
Expansion plans are underfoot for the company as it in the midst of rolling out a 500-ha aquaculture zone and a 35,000 tonne cold storage facility.
Navifishco’s “tra” and “basa” catfish have been exported to 65 countries and territories worldwide.
According to the latest statistics, the company’s export revenues fetched around 120 million USD in the first six months of the year, making up 30 percent of the total seafood export turnover of An Giang province which boasts the largest catfish output in the Mekong delta.
Chairman of Navifishco’s Management Board Doan Toi said his company plans to build another catfish processing plant with a capacity of processing 750 tonnes of catfish per day and a fish feed factory with a capacity of between 300,000 and 500,000 tonnes per year.
Source: VNA
Thursday, July 26, 2007
Vietnam fears falling exports will push target beyond reach
A slowdown in exports of some key items means the year’s export target of US$48 billion could be missed, a routine trade ministry meeting Tuesday heard. Pham The Dung, head of the Ministry of Trade’s Export-Import Department, said as a result the export sector faced a heavy burden in the second half.
As the country’s number one export turnover earner, crude oil plunged by 5 percent to $3.8 billion.
Oil industry insiders attributed the slip to declining global prices and lower than expected output by certain overseas operations.
Rice exports fell by 5 percent to $732 million. Huynh Minh Hue, deputy general secretary of the Vietnam Food Association, said a shortfall in cargo services and a 40 percent hike in transport costs had pushed exports down.
As a result, shipments to some key markets like Russia, Cuba, and South Africa had plunged by 75 percent, 67 percent, and 58 percent respectively.
Footwear exports fetched $1.9 billion, a year-on-year rise of 11 percent against a targeted rise of 21 percent.
This was mainly due to anti-dumping duties slapped by the EU which buys 80 percent of Vietnamese footwear exports.
Exporters failed to address the problem by finding alternate markets.
However, despite the problems, the country‘s exports jumped by 20 percent in the first half to $22.5 billion.
Deputy Minister of Trade Nguyen Tinh Bien warned that nothing less than a massive effort would do to reach the export target.
The coffee, apparel, and seafood industries were on track to achieve their targets, especially apparel, which could reach its $7.3 - 7.5 billion goal.
A push was required to ensure fisheries, another important export item, achieved its export target.
The government had agreed to provide VND50 billion to set up facilities to test fisheries products to ensure they were free of banned chemical substances.
Van Thanh Huy, chairman of the Vietnam Coffee Association, said coffee exports had already achieved 92 percent of the whole year’s target with revenues of $1.5 billion so far.
But he was worried that the low coffee quality could hurt the goal.
A Ho Chi Minh City-based coffee trader admitted that Vietnamese coffee had 1 percent impurities compared to 0.5 percent elsewhere.
Exports are expected to maintain robust growth, helped by Vietnam's membership in the WTO. The country’s ambitious export goal is to reach a whopping $100 billion in export value by 2010, according to the Ministry of Trade.
The nation’s four giant exporting markets now are the EU, the US, Japan and China.
Trade officials said exports to the US were forecast to rise 35 percent from last year to nearly $11 billion in total this year while revenues from goods sold to Europe would jump 22 percent to $8.3 billion by the year’s end.
Source: Reuters
As the country’s number one export turnover earner, crude oil plunged by 5 percent to $3.8 billion.
Oil industry insiders attributed the slip to declining global prices and lower than expected output by certain overseas operations.
Rice exports fell by 5 percent to $732 million. Huynh Minh Hue, deputy general secretary of the Vietnam Food Association, said a shortfall in cargo services and a 40 percent hike in transport costs had pushed exports down.
As a result, shipments to some key markets like Russia, Cuba, and South Africa had plunged by 75 percent, 67 percent, and 58 percent respectively.
Footwear exports fetched $1.9 billion, a year-on-year rise of 11 percent against a targeted rise of 21 percent.
This was mainly due to anti-dumping duties slapped by the EU which buys 80 percent of Vietnamese footwear exports.
Exporters failed to address the problem by finding alternate markets.
However, despite the problems, the country‘s exports jumped by 20 percent in the first half to $22.5 billion.
Deputy Minister of Trade Nguyen Tinh Bien warned that nothing less than a massive effort would do to reach the export target.
The coffee, apparel, and seafood industries were on track to achieve their targets, especially apparel, which could reach its $7.3 - 7.5 billion goal.
A push was required to ensure fisheries, another important export item, achieved its export target.
The government had agreed to provide VND50 billion to set up facilities to test fisheries products to ensure they were free of banned chemical substances.
Van Thanh Huy, chairman of the Vietnam Coffee Association, said coffee exports had already achieved 92 percent of the whole year’s target with revenues of $1.5 billion so far.
But he was worried that the low coffee quality could hurt the goal.
A Ho Chi Minh City-based coffee trader admitted that Vietnamese coffee had 1 percent impurities compared to 0.5 percent elsewhere.
Exports are expected to maintain robust growth, helped by Vietnam's membership in the WTO. The country’s ambitious export goal is to reach a whopping $100 billion in export value by 2010, according to the Ministry of Trade.
The nation’s four giant exporting markets now are the EU, the US, Japan and China.
Trade officials said exports to the US were forecast to rise 35 percent from last year to nearly $11 billion in total this year while revenues from goods sold to Europe would jump 22 percent to $8.3 billion by the year’s end.
Source: Reuters
Monday, July 23, 2007
Catfish exporter H1 net profit up 67%
Vietnam's catfish exporter Agifish (AGF) said on Monday its net profit in the first half jumped 67 percent from a year earlier to nearly 30 billion dong ($1.9 million) on robust export demand.
The company, based in the Mekong Delta province of An Giang, said in a statement that its first-half revenues rose 6 percent compared with the same period last year to 565.2 billion dong ($35 million).
The company said it planned to list 4.9 million additional shares on the Ho Chi Minh Stock Exchange on Thursday.
Agifish has projected its net profit for the whole of this year to rise 54 percent from 2006 to 70 billion dong. It expects annual export revenue of $67 million.
Shares in Agifish were traded unchanged at 102,000 dong ($6.3) each at 0245 GMT on Monday.
The company exports fish, shrimp and also supplies material for agricultural production.
Source: Reuters
The company, based in the Mekong Delta province of An Giang, said in a statement that its first-half revenues rose 6 percent compared with the same period last year to 565.2 billion dong ($35 million).
The company said it planned to list 4.9 million additional shares on the Ho Chi Minh Stock Exchange on Thursday.
Agifish has projected its net profit for the whole of this year to rise 54 percent from 2006 to 70 billion dong. It expects annual export revenue of $67 million.
Shares in Agifish were traded unchanged at 102,000 dong ($6.3) each at 0245 GMT on Monday.
The company exports fish, shrimp and also supplies material for agricultural production.
Source: Reuters
Friday, July 20, 2007
VND4,500bil of loss in rice production and export every year
If Vietnam-made rice was sold at the same price as Thailand-sourced rice, Vietnamese enterprises would make an additional profit of VND1,300bil ($81.25mil) a year. If Vietnamese farmers did not lose 11% of rice volume in production, they would pocket VND3,300bil ($206.25mil) more every year, experts say.
According to the Vietnam Food Association (Vinafood), Vietnam’s rice export prices are $20-25/tonne lower than Thailand’s prices for the same kinds. For example, Vietnamese 5% broken rice is selling at $305/tonne, while Thailand’s product, $330/tonne. The prices for 10% broken rice are $300/tonne and $325/tonne, and the prices for 15% broken rice are $295 and $315, respectively.
As such, if considering that Vietnam exports 4mil tonnes of rice every year and the price is $20/tonne lower than Thailand’s, Vietnam suffers a loss of $80mil a year, or VND1,300bil.
Explaining the price gap, an official from the Northern Food Corporation said that the problem with Vietnam’s rice was the quality. For example, the proportion of bad seeds in Thailand’s rice is just 1.5%, while the ratio in Vietnam’s rice is 3-3.2%. That explains why Thailand has been successfully expanding its export markets, and even gone after Vietnam’s traditional client, Iraq.
Because of the lower export prices compared to the prices of the five biggest rice exporters in the world (Thailand, India, Vietnam, the US and Pakistan), Vietnam is just third or fourth in the ranking of the World Trade Centre, though it ranks second in terms of export quantity.
Deputy Minister of Agriculture and Rural Development Bui Ba Bong said that some 2mil tonnes of paddy, or 14% of total productivity, is lost every year in the Cuu Long River Delta, the granary of the rice export country. According to Can Tho University, with the lost volume of 2mil tonnes, farmer lose VND3,370bil ($206mil) every year.
Tran Ngoc Chung, an official from the An Giang Department for Agriculture and Rural Development, said that paddy was lost during post-harvest works, including drying, storing and husking.
Mr Chung said that solutions should be found to improve the situation, and the high proportion of lost rice must be reduced. The big, lost sum of VND3,370bil decreases the incomes of farmers, especially as rice production costs are very high due to the high price of fertiliser and the fluctuation of the selling prices of farm produce on the world’s market.
Source: VNE
According to the Vietnam Food Association (Vinafood), Vietnam’s rice export prices are $20-25/tonne lower than Thailand’s prices for the same kinds. For example, Vietnamese 5% broken rice is selling at $305/tonne, while Thailand’s product, $330/tonne. The prices for 10% broken rice are $300/tonne and $325/tonne, and the prices for 15% broken rice are $295 and $315, respectively.
As such, if considering that Vietnam exports 4mil tonnes of rice every year and the price is $20/tonne lower than Thailand’s, Vietnam suffers a loss of $80mil a year, or VND1,300bil.
Explaining the price gap, an official from the Northern Food Corporation said that the problem with Vietnam’s rice was the quality. For example, the proportion of bad seeds in Thailand’s rice is just 1.5%, while the ratio in Vietnam’s rice is 3-3.2%. That explains why Thailand has been successfully expanding its export markets, and even gone after Vietnam’s traditional client, Iraq.
Because of the lower export prices compared to the prices of the five biggest rice exporters in the world (Thailand, India, Vietnam, the US and Pakistan), Vietnam is just third or fourth in the ranking of the World Trade Centre, though it ranks second in terms of export quantity.
Deputy Minister of Agriculture and Rural Development Bui Ba Bong said that some 2mil tonnes of paddy, or 14% of total productivity, is lost every year in the Cuu Long River Delta, the granary of the rice export country. According to Can Tho University, with the lost volume of 2mil tonnes, farmer lose VND3,370bil ($206mil) every year.
Tran Ngoc Chung, an official from the An Giang Department for Agriculture and Rural Development, said that paddy was lost during post-harvest works, including drying, storing and husking.
Mr Chung said that solutions should be found to improve the situation, and the high proportion of lost rice must be reduced. The big, lost sum of VND3,370bil decreases the incomes of farmers, especially as rice production costs are very high due to the high price of fertiliser and the fluctuation of the selling prices of farm produce on the world’s market.
Source: VNE
Wednesday, July 18, 2007
Nutifood to list shares on HCM City bourse
Nutifood JSC has decided to list shares on the HCM City stock exchange in the fourth quarter, becoming the bourse’s second listed dairy company after Vinamilk.
Early this year, the company increased its charter capital from 54 billion VND (3.38 million USD) to 120 billion VND (7.5 million USD) using retained profits.
Nutifood plans to raise its charter capital to 150 billion VND (9.4 million USD) this year by issuing shares.
This year, it hopes to post an annual growth rate of 30 percent, eyeing a profit of roughly 44 billion VND (2.8 million USD).
Source: VNA
Early this year, the company increased its charter capital from 54 billion VND (3.38 million USD) to 120 billion VND (7.5 million USD) using retained profits.
Nutifood plans to raise its charter capital to 150 billion VND (9.4 million USD) this year by issuing shares.
This year, it hopes to post an annual growth rate of 30 percent, eyeing a profit of roughly 44 billion VND (2.8 million USD).
Source: VNA
Monday, July 16, 2007
Many Vietnamese food products unhygienic
In the first half of 2007, hundreds of batches of food exported by Vietnam to the US were refused due to being found unhygienic, according to an official announcement on the website of the US’ Food and Drug Administration (FDA).
In this period, a total of 240 batches of goods sent by Vietnam were refused by the US for not meeting the US’ hygienic standards.
According to FDA’s website, in those six months, this agency returned tens of batches of goods each month to Vietnam due to hygienic problems. January had the lowest number of batches returned, 19, and March saw the highest number with 56 batches. Most recently, in June, 35 batches of food of Vietnam were deemed unsuitable.
Those batches included different kinds of foods such as girdle cakes, cakes, candies, spring rolls, spices, pepper, coffee, meat, seafood.
American agencies have found the presence of many substances that are not good for health, for example Salmonella, which can cause diarrhoea, chloramphenicol, Aflatoxin and many components that are not named on the label.
Processed foods of many reputed companies in Vietnam like Mekophar, Acecook (Acecook VietNam Co., Ltd.); Seaspime, Frozen Food Company No. 4, Cau Tre Enterprise, Trung Nguyen Coffee Enterprise were also returned.
Source: VNE
In this period, a total of 240 batches of goods sent by Vietnam were refused by the US for not meeting the US’ hygienic standards.
According to FDA’s website, in those six months, this agency returned tens of batches of goods each month to Vietnam due to hygienic problems. January had the lowest number of batches returned, 19, and March saw the highest number with 56 batches. Most recently, in June, 35 batches of food of Vietnam were deemed unsuitable.
Those batches included different kinds of foods such as girdle cakes, cakes, candies, spring rolls, spices, pepper, coffee, meat, seafood.
American agencies have found the presence of many substances that are not good for health, for example Salmonella, which can cause diarrhoea, chloramphenicol, Aflatoxin and many components that are not named on the label.
Processed foods of many reputed companies in Vietnam like Mekophar, Acecook (Acecook VietNam Co., Ltd.); Seaspime, Frozen Food Company No. 4, Cau Tre Enterprise, Trung Nguyen Coffee Enterprise were also returned.
Source: VNE
Friday, July 13, 2007
Vietnam tightens regulations on seafood export to Japan
Only the enterprises that meet the standards on food hygiene set by the Ministry of Fisheries will be allowed to export seafood to Japan.
Deputy Minister of Fisheries Luong Le Phuong has released Decision No 06 on applying urgent measures to control the chemical residues in seafood exports. Under the decision, seafood exporters will have to have 100% of their exports of crustaceans and mollusks examined for prohibited antibiotic residues
The decision will go into effect on July 26, 2007.
According to the decision, enterprises which have had 3 consignments (even prior to the enactment of the decision) determined by Japanese authorities to contain prohibited substances will not be allowed to export consignments of crustaceans (shrimp, crab) and mollusks (cuttlefish, octopus).
The Ministry of Fisheries has announced that enterprises will only be allowed to resume exports of crustacean and mollusk products to Japan after they have reported to the ministry, settled the problems effectively, and their products get the recognition from the National Fisheries Quality Assurance and Veterinary Directorate (Nafiqaved) on food hygiene.
Enterprises’ exports will only get exemption from being examined if they have at least 10 consecutive consignments of exports of crustacean and mollusk products meeting the required standards on food hygiene, and are not stopped by Japanese authorities.
The newly promulgated decision has also asked seafood processing companies to more tightly control input materials. Processors will be forced to control 100% of the materials they collect for processing. Seafood exporters will also have to write down the sources of materials on the finished products.
The Ministry of Fisheries has asked Nafiqaved to urgently build up the regulations on the supervision and inspection by state management authorities over the production conditions of enterprises.
The lately released decision on controlling the quality of seafood exports to Japan has been enacted after the red flag from the market, especially after the letter of warning from the Japanese Ambassador in Vietnam. The Ministry of Fisheries has declared a state of emergency on the quality of seafood products, and had meetings with enterprises, discussing solutions for the current problems.
Source: VNE
Deputy Minister of Fisheries Luong Le Phuong has released Decision No 06 on applying urgent measures to control the chemical residues in seafood exports. Under the decision, seafood exporters will have to have 100% of their exports of crustaceans and mollusks examined for prohibited antibiotic residues
The decision will go into effect on July 26, 2007.
According to the decision, enterprises which have had 3 consignments (even prior to the enactment of the decision) determined by Japanese authorities to contain prohibited substances will not be allowed to export consignments of crustaceans (shrimp, crab) and mollusks (cuttlefish, octopus).
The Ministry of Fisheries has announced that enterprises will only be allowed to resume exports of crustacean and mollusk products to Japan after they have reported to the ministry, settled the problems effectively, and their products get the recognition from the National Fisheries Quality Assurance and Veterinary Directorate (Nafiqaved) on food hygiene.
Enterprises’ exports will only get exemption from being examined if they have at least 10 consecutive consignments of exports of crustacean and mollusk products meeting the required standards on food hygiene, and are not stopped by Japanese authorities.
The newly promulgated decision has also asked seafood processing companies to more tightly control input materials. Processors will be forced to control 100% of the materials they collect for processing. Seafood exporters will also have to write down the sources of materials on the finished products.
The Ministry of Fisheries has asked Nafiqaved to urgently build up the regulations on the supervision and inspection by state management authorities over the production conditions of enterprises.
The lately released decision on controlling the quality of seafood exports to Japan has been enacted after the red flag from the market, especially after the letter of warning from the Japanese Ambassador in Vietnam. The Ministry of Fisheries has declared a state of emergency on the quality of seafood products, and had meetings with enterprises, discussing solutions for the current problems.
Source: VNE
Vinamilk says H1 profit jumps one third
Leading Vietnamese dairy product maker Vinamilk (VNM) said on Friday it made a net profit of 572 billion dong dong ($35.5 million) in the first six months of this year, up 36 percent from a year earlier.
The Ho Chi Minh City-based company's first half revenues jumped 10.7 percent from a year earlier to 3.122 trillion dong ($193.5 million), a company spokeswoman said.
"The result growth is in place thanks to increases in both our production and trading as well as financial investment," spokeswoman Le Quang Thanh Truc said by telephone.
Shares in Vinamilk fell 1.1 percent to 180,000 dong ($11) on Friday, valuing the firm at $1.93 billion and ranking it the largest on Vietnam's main stock market.
Truc said Vinamilk, the short name for Vietnam Dairy Products Company, had steady domestic growth of sales of all its products such as fresh milk, yogurt and powdered milk.
Vinamilk also produces beverages and deals in real estate and provides warehousing and transport services.
Truc gave no further details but said the company expected to publish a detailed report of its first-half operations next week.
In March, Vinamilk chief executive Mai Kieu Lien said the firm would list 8.85 million shares with a face value of $5.5 million on the Singapore stock market later this year.
Source: Reuters
The Ho Chi Minh City-based company's first half revenues jumped 10.7 percent from a year earlier to 3.122 trillion dong ($193.5 million), a company spokeswoman said.
"The result growth is in place thanks to increases in both our production and trading as well as financial investment," spokeswoman Le Quang Thanh Truc said by telephone.
Shares in Vinamilk fell 1.1 percent to 180,000 dong ($11) on Friday, valuing the firm at $1.93 billion and ranking it the largest on Vietnam's main stock market.
Truc said Vinamilk, the short name for Vietnam Dairy Products Company, had steady domestic growth of sales of all its products such as fresh milk, yogurt and powdered milk.
Vinamilk also produces beverages and deals in real estate and provides warehousing and transport services.
Truc gave no further details but said the company expected to publish a detailed report of its first-half operations next week.
In March, Vinamilk chief executive Mai Kieu Lien said the firm would list 8.85 million shares with a face value of $5.5 million on the Singapore stock market later this year.
Source: Reuters
Wednesday, July 11, 2007
Seafood exports surpass 1.6 billion USD in first half
Viet Nam’s seafood sector recorded export revenues of 1.648 billion USD in the first six month of the year, a year-on-year increase of 17 percent. According to the Ministry of Fisheries, the figure represents the sector’s 46 percent of yearly target.
The European Union market topped the list of Vietnamese seafood importers with 24.4 percent of market share, followed by the US, 18.3 percent.
The Japanese market fell to the third place from its first position, registering 17 percent of market share.
Other importers include the Republic of Korea, 7.4 percent, Russia, 5.2 percent, China, 5.1 percent, ASEAN, 5.8 percent and other countries, 16.7 percent.
Frozen fish remains the sector’s top export item, posting a 49 percent increase in terms of volume and a rise of 35 percent in export value. It was followed by frozen shrimp, with increases of 16 percent and 39 percent in volume and value, respectively.
It is predicted that “tra” and “basa” catfish products continue to be a key factor to influence frozen fish exports.
However, strict measures should be applied to control the fast growing of tra and basa breeding in the Mekong Delta due to hike prices in the products, which has led to fry shortage and may harm the environment, said officials of the ministry.
Source: VNA
The European Union market topped the list of Vietnamese seafood importers with 24.4 percent of market share, followed by the US, 18.3 percent.
The Japanese market fell to the third place from its first position, registering 17 percent of market share.
Other importers include the Republic of Korea, 7.4 percent, Russia, 5.2 percent, China, 5.1 percent, ASEAN, 5.8 percent and other countries, 16.7 percent.
Frozen fish remains the sector’s top export item, posting a 49 percent increase in terms of volume and a rise of 35 percent in export value. It was followed by frozen shrimp, with increases of 16 percent and 39 percent in volume and value, respectively.
It is predicted that “tra” and “basa” catfish products continue to be a key factor to influence frozen fish exports.
However, strict measures should be applied to control the fast growing of tra and basa breeding in the Mekong Delta due to hike prices in the products, which has led to fry shortage and may harm the environment, said officials of the ministry.
Source: VNA
Tuesday, July 10, 2007
Bourbon to sell 25 pct of Vietnam sugar refiner
Vietnam sugar refiner Sucrerie de Bourbon Tay Ninh, owned by Group Bourbon of France, has received approval to sell 25 percent of its shares to the public. The company would sell 28 million shares, or 20 percent of its shares, in an auction and 7.46 million shares, or 5 percent, to employees and sugar cane growers, the State Securities Commission said in a statement seen on Monday.
The auction by Bourbon Tay Ninh, which has a registered capital of VND1.4 trillion (US$87 million), would be held by October 6, the statement said.
Parent company Group Bourbon said in April it had sold 24 percent of the sugar refiner's shares for €36 million ($48 million) to Vietnamese investors including dairy product maker Vinamilk , confectionery maker Bibica and investment funds including Vinacapital.
It aimed to raise €32 million ($43 million) from the share auction, suggesting a price of about €1.14 ($1.54) each, or 2.5 times their face value.
Group Bourbon has said it would retain a 51 percent stake in the company for the next three years.
The company, based in the southern province of Tay Ninh, refines sugar and generates electricity from sugarcane waste to serve its refineries.
Source: Thanh Nien
The auction by Bourbon Tay Ninh, which has a registered capital of VND1.4 trillion (US$87 million), would be held by October 6, the statement said.
Parent company Group Bourbon said in April it had sold 24 percent of the sugar refiner's shares for €36 million ($48 million) to Vietnamese investors including dairy product maker Vinamilk , confectionery maker Bibica and investment funds including Vinacapital.
It aimed to raise €32 million ($43 million) from the share auction, suggesting a price of about €1.14 ($1.54) each, or 2.5 times their face value.
Group Bourbon has said it would retain a 51 percent stake in the company for the next three years.
The company, based in the southern province of Tay Ninh, refines sugar and generates electricity from sugarcane waste to serve its refineries.
Source: Thanh Nien
Monday, July 09, 2007
Tra and Basa fish output alarmingly high
According to the Ministry of Fisheries, the output of farmed tra and basa increased sharply in the first six months of the year, estimated at 400,000 tonnes, an increase of 100% over the same period of 2006.
An alarm has been rung over the overly high productivity of tra and basa, which is believed to be causing problems for the environment. Especially, tra and basa are now being bred not only in the traditional southern provinces, but in the centre and the north as well.
The high price of tra and basa, which is now hovering at VND17-17,500/kg, has prompted people to farm fish on a large scale. The flip side of the overly ‘hot’ development of tra and basa farming is that it has caused a serious lack of breed fish, increased prices of food for fish and chemicals.
According to the Ministry of Fisheries, tra and basa farming has developed to an uncontrollable rate with the farming density of 300-500 tonnes per hectare, which, as experts have warned, will have bad impacts on the environment.
Meanwhile, farmers in central and northern provinces are happy with the successful farming of catfish on a trial basis, which, as forecast, will encourage them to farm on a larger scale. In Ha Tay province in the north, for example, farming brought the high yield of 80 tonnes per hectare, and in Nghe An in the central region, farmers could yield 150 tonnes per hectare. In the province, farmers can produce breed fish and keep parent fish through the winter.
However, experts have warned against the massive and unplanned farming of tra and basa. They said that the high production costs and low competitiveness would make farmers suffer. Moreover, a problem in processing and consumption will arise as the demand is not big enough in the domestic market.
There are 70 tra and basa processing workshops in the Mekong River Delta provinces which have the total capacity of 1.5mil tonnes a year. Yet, the establishment of the workshop does not match the development of the material area. An expert from the Ministry of Fisheries said that the biggest risk in processing and exporting seafood was that enterprises could not control material supplies.
In May 2007, Vietnam exported 27,700 tonnes of seafood, reaping $79mil, decreasingly slightly from the previous month, while still increasing considerably over the same period of the previous year. The total tra and basa exports in the first five months of the year brought $375mil in turnover, fulfilling 37.5% of the targeted turnover (over $1bil).
The fact that Russia has tightened control over chemical residues in imported seafood has greatly impacted exports of Vietnam, with exports to Russia and the Ukraine down considerably in May 2007.
Tra and basa will remain the foundation of exports of frozen products of Vietnam.
The EU has become the biggest importer of Vietnam-sourced seafood, consuming 24.4% of Vietnam’s exports, after Japan, which has applied strict control over imports from Vietnam, and dropped to third position. The US is the second biggest importer (18.3%), followed by Japan (17%), South Korea (7.4%), Russia (5.2%), China (5.1%), ASEAN (5.8%) and other markets (16.7%).
Frozen fish products remain the biggest export item (49% in quantity and 35% in turnover), followed by frozen shrimp (16% and 39%, respectively), and frozen cuttlefish (6.9% and 6.7%).
Source: VNE
An alarm has been rung over the overly high productivity of tra and basa, which is believed to be causing problems for the environment. Especially, tra and basa are now being bred not only in the traditional southern provinces, but in the centre and the north as well.
The high price of tra and basa, which is now hovering at VND17-17,500/kg, has prompted people to farm fish on a large scale. The flip side of the overly ‘hot’ development of tra and basa farming is that it has caused a serious lack of breed fish, increased prices of food for fish and chemicals.
According to the Ministry of Fisheries, tra and basa farming has developed to an uncontrollable rate with the farming density of 300-500 tonnes per hectare, which, as experts have warned, will have bad impacts on the environment.
Meanwhile, farmers in central and northern provinces are happy with the successful farming of catfish on a trial basis, which, as forecast, will encourage them to farm on a larger scale. In Ha Tay province in the north, for example, farming brought the high yield of 80 tonnes per hectare, and in Nghe An in the central region, farmers could yield 150 tonnes per hectare. In the province, farmers can produce breed fish and keep parent fish through the winter.
However, experts have warned against the massive and unplanned farming of tra and basa. They said that the high production costs and low competitiveness would make farmers suffer. Moreover, a problem in processing and consumption will arise as the demand is not big enough in the domestic market.
There are 70 tra and basa processing workshops in the Mekong River Delta provinces which have the total capacity of 1.5mil tonnes a year. Yet, the establishment of the workshop does not match the development of the material area. An expert from the Ministry of Fisheries said that the biggest risk in processing and exporting seafood was that enterprises could not control material supplies.
In May 2007, Vietnam exported 27,700 tonnes of seafood, reaping $79mil, decreasingly slightly from the previous month, while still increasing considerably over the same period of the previous year. The total tra and basa exports in the first five months of the year brought $375mil in turnover, fulfilling 37.5% of the targeted turnover (over $1bil).
The fact that Russia has tightened control over chemical residues in imported seafood has greatly impacted exports of Vietnam, with exports to Russia and the Ukraine down considerably in May 2007.
Tra and basa will remain the foundation of exports of frozen products of Vietnam.
The EU has become the biggest importer of Vietnam-sourced seafood, consuming 24.4% of Vietnam’s exports, after Japan, which has applied strict control over imports from Vietnam, and dropped to third position. The US is the second biggest importer (18.3%), followed by Japan (17%), South Korea (7.4%), Russia (5.2%), China (5.1%), ASEAN (5.8%) and other markets (16.7%).
Frozen fish products remain the biggest export item (49% in quantity and 35% in turnover), followed by frozen shrimp (16% and 39%, respectively), and frozen cuttlefish (6.9% and 6.7%).
Source: VNE
Wednesday, July 04, 2007
Industrial park developer to invest $74 mln in rice, water
The industrial park developer ITACO (ITA) has said it will invest US$74 million to establish two new firms, a rice exporter and a water supplier.
The Tan Tao Industrial Park Developer Group (ITA, formerly Itaco) will hold majority stakes in the two new companies, ITA-Rice Joint Stock Company and ITA-Water Joint Stock Company.
Both firms will be established in southern Vietnam’s Long An Province, which borders Ho Chi Minh City, Vietnam’s business center.
The developer has yet to disclose the percentage stakes it will maintain in each.
For the rice entity, ITA plans to shell out $43 million to acquire 10,000 ha for export rice cultivation, as well as land for a warehouse, rice mills and a 200h urban area.
ITA rice will be shipped to the US and EU markets. ITA and the local government are in land allocation talks.
The developer has also planned a $31 million investment in ITA-Water Joint Stock Company to build a facility that could supply the province with 300,00 cu.m. of water daily.
Last month, the group unveiled that it would pay $32 million for a 51-percent stake in the Long An-based ITA-Power Company and $15 million for a 50-percent stake in North-West Power Joint Stock Company in the northern Lai Chau province.
The group is developing Tan Duc city – an industrial-residential complex covering 1,160 ha in Long An – at a total investment of $320 million.
ITA, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997.
In addition the company is also branching out into highway and residential property development projects.
Last year, the company earned VND374 billion in revenue and an after-tax profit of over VND148 billion.
It set to earn VND816 billion in revenue and VND300 billion in profits this year.
Source: Thanh Nien
The Tan Tao Industrial Park Developer Group (ITA, formerly Itaco) will hold majority stakes in the two new companies, ITA-Rice Joint Stock Company and ITA-Water Joint Stock Company.
Both firms will be established in southern Vietnam’s Long An Province, which borders Ho Chi Minh City, Vietnam’s business center.
The developer has yet to disclose the percentage stakes it will maintain in each.
For the rice entity, ITA plans to shell out $43 million to acquire 10,000 ha for export rice cultivation, as well as land for a warehouse, rice mills and a 200h urban area.
ITA rice will be shipped to the US and EU markets. ITA and the local government are in land allocation talks.
The developer has also planned a $31 million investment in ITA-Water Joint Stock Company to build a facility that could supply the province with 300,00 cu.m. of water daily.
Last month, the group unveiled that it would pay $32 million for a 51-percent stake in the Long An-based ITA-Power Company and $15 million for a 50-percent stake in North-West Power Joint Stock Company in the northern Lai Chau province.
The group is developing Tan Duc city – an industrial-residential complex covering 1,160 ha in Long An – at a total investment of $320 million.
ITA, which is the first industrial park developer listed in Vietnam, has been operating the Tan Tao industrial park in Ho Chi Minh City since 1997.
In addition the company is also branching out into highway and residential property development projects.
Last year, the company earned VND374 billion in revenue and an after-tax profit of over VND148 billion.
It set to earn VND816 billion in revenue and VND300 billion in profits this year.
Source: Thanh Nien
Monday, July 02, 2007
US inspects Chinese farmed seafood, Vietnam worried
The news that the US Food and Drug Administration (FDA) will detain all farmed seafood products sourced from China for examination before granting customs clearance is worrying Vietnamese enterprises.
Seafood processing companies plan to meet early this week to discuss the possible impacts of the FDA’s decision on Vietnam’s seafood exports to the US and solutions to the problem.
As FDA has announced, all consignments of farmed seafood sourced from China, including shrimp, catfish, eel, red-eyed carp, will be strictly examined. The imports will be detained at border gates for examination to find out if there are residues of prohibited substances not allowed to be used in aquaculture in the US.
Explaining its decision, FDA said that it had abundant evidence showing that Chinese farmed seafood products contained prohibited substances. David Acheson, Assistant Commissioner for Food Protection at FDA, said that the agency would only allow the admittance of imports that could meet the food hygiene requirements set by the US.
According to Fis.com, the Deputy Director of International Marketing Specialists, which specialises in providing shrimp and seafood products, has accused the FDA of acting late in preventing unsafe products from entering the US market. He said that his company had been facing the problem of unsafe seafood for the last 3-4 years. It is very likely that China has been doing this for many years, and it now does the same thing with many kinds of food. The fact that China has ordered the closure of several thousand food processing establishments confirms this.
International Marketing Specialists do not import shrimp from China any more.
7% of shrimp and 10% of catfish consumed in the US are sourced from China.
From October 2006 to May 2007, FDA routinely discovered farmed seafood products sourced from China containing prohibited antibiotics, including nitrofuran, malachite green, dye, and fluoroquinolone.
Mr Acheson said that the strict control over Chinese imports would last until FDA found it unnecessary any longer to keep control. He said that exporters must provide information to show that they had done everything to ensure products were safe.
The move by FDA has worried Vietnamese seafood processors as Vietnam is among the big seafood exporters to the US. The Vietnam Association of Seafood Exporters and Producers (VASEP) plans to gather its members on July 3 in HCM City.
At the meeting, members will discuss issues that may affect seafood exports, including the shrimp anti-dumping lawsuit, the problems with the Japanese market relating to anti-biotic residues, the inspection by Russian authorities of farming and processing establishments, and the inspection by the USFDA of Chinese products. The US now is the 4th biggest export market for Vietnam, consuming nearly 20% of Vietnam’s seafood exports. Shrimp, tra and basa are the main items exported to the market.
Source: VNE
Seafood processing companies plan to meet early this week to discuss the possible impacts of the FDA’s decision on Vietnam’s seafood exports to the US and solutions to the problem.
As FDA has announced, all consignments of farmed seafood sourced from China, including shrimp, catfish, eel, red-eyed carp, will be strictly examined. The imports will be detained at border gates for examination to find out if there are residues of prohibited substances not allowed to be used in aquaculture in the US.
Explaining its decision, FDA said that it had abundant evidence showing that Chinese farmed seafood products contained prohibited substances. David Acheson, Assistant Commissioner for Food Protection at FDA, said that the agency would only allow the admittance of imports that could meet the food hygiene requirements set by the US.
According to Fis.com, the Deputy Director of International Marketing Specialists, which specialises in providing shrimp and seafood products, has accused the FDA of acting late in preventing unsafe products from entering the US market. He said that his company had been facing the problem of unsafe seafood for the last 3-4 years. It is very likely that China has been doing this for many years, and it now does the same thing with many kinds of food. The fact that China has ordered the closure of several thousand food processing establishments confirms this.
International Marketing Specialists do not import shrimp from China any more.
7% of shrimp and 10% of catfish consumed in the US are sourced from China.
From October 2006 to May 2007, FDA routinely discovered farmed seafood products sourced from China containing prohibited antibiotics, including nitrofuran, malachite green, dye, and fluoroquinolone.
Mr Acheson said that the strict control over Chinese imports would last until FDA found it unnecessary any longer to keep control. He said that exporters must provide information to show that they had done everything to ensure products were safe.
The move by FDA has worried Vietnamese seafood processors as Vietnam is among the big seafood exporters to the US. The Vietnam Association of Seafood Exporters and Producers (VASEP) plans to gather its members on July 3 in HCM City.
At the meeting, members will discuss issues that may affect seafood exports, including the shrimp anti-dumping lawsuit, the problems with the Japanese market relating to anti-biotic residues, the inspection by Russian authorities of farming and processing establishments, and the inspection by the USFDA of Chinese products. The US now is the 4th biggest export market for Vietnam, consuming nearly 20% of Vietnam’s seafood exports. Shrimp, tra and basa are the main items exported to the market.
Source: VNE
Friday, June 29, 2007
Vietnam's Nutifood plans IPO, listing in Q4
Vietnam's fourth-largest dairy product maker, Nutifood, plans to hold a maiden share auction and list on the Ho Chi Minh Stock Exchange in the fourth quarter of this year, a company spokesman said on Friday.
"We are still working with our IPO advisor on the details of the auction and we aim to float Nutifood shares in the fourth quarter," he said.
The Ho Chi Minh City-based firm, which has a registered capital of 120 billion dong ($7.4 million), expects its profit to rise 69 percent to 44 billion dong ($2.7 million) this year from 2006.
"Our target is to grow our business by between 30 percent to 35 percent per year in the next couple of years," the spokesman said, adding the firm had set up about 60,000 outlets for its products which include milk powder and other nutrition drinks.
Nutifood shares are being traded on the unofficial market at around 60,000 dong to 90,000 dong ($3.7-$5.6) each.
The company plans to invest about 205 billion dong ($12.7 million) in a dairy processing plant in the southern province of Binh Duong near Ho Chi Minh City.
The domestic market for dairy products is dominated by Vinamilk (VNM) which commands a lion's share of 75 percent.
Other competitors include Dutch Lady Milk Industrie and Abbott Laboratories.
"We are still working with our IPO advisor on the details of the auction and we aim to float Nutifood shares in the fourth quarter," he said.
The Ho Chi Minh City-based firm, which has a registered capital of 120 billion dong ($7.4 million), expects its profit to rise 69 percent to 44 billion dong ($2.7 million) this year from 2006.
"Our target is to grow our business by between 30 percent to 35 percent per year in the next couple of years," the spokesman said, adding the firm had set up about 60,000 outlets for its products which include milk powder and other nutrition drinks.
Nutifood shares are being traded on the unofficial market at around 60,000 dong to 90,000 dong ($3.7-$5.6) each.
The company plans to invest about 205 billion dong ($12.7 million) in a dairy processing plant in the southern province of Binh Duong near Ho Chi Minh City.
The domestic market for dairy products is dominated by Vinamilk (VNM) which commands a lion's share of 75 percent.
Other competitors include Dutch Lady Milk Industrie and Abbott Laboratories.
Friday, June 22, 2007
Vietnam's Navico raises $42 million in IPO
Vietnam's largest fish exporter, Navico, raised about $42 million through the sale of around 10% of its shares in an initial public offering, traders said Thursday. Navico, 60-percent family owned, sold the 6 million shares at an average of VND113,000 dong – a 13% premium to the initial offering price, they added.
Traders said investors bid between VND111,000-172,000 ($6.8-$10.7) for each of the shares, which have a face value of VND10,000.
Navico Chief Executive Doan Toi said in an interview with Reuters in April the firm would list it shares on the Ho Chi Minh Stock Market next month.
Navico forecast on June 15 that its net profit would rise by more than a quarter this year to VND321 billion ($19.9 million), helped by strong sales of catfish to Europe.
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico aims to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
Source: VNE
Traders said investors bid between VND111,000-172,000 ($6.8-$10.7) for each of the shares, which have a face value of VND10,000.
Navico Chief Executive Doan Toi said in an interview with Reuters in April the firm would list it shares on the Ho Chi Minh Stock Market next month.
Navico forecast on June 15 that its net profit would rise by more than a quarter this year to VND321 billion ($19.9 million), helped by strong sales of catfish to Europe.
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico aims to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
Source: VNE
Tuesday, June 19, 2007
Vietnam shrimp firm to list on main market in Q4
Minh Phu Seafood Company , Vietnam's top shrimp processor and exporter, said on Tuesday it will move its listing to the country's main exchange late this year. The Mekong Delta-based firm, 10% owned by Singapore's Temasek Holdings, would move its shares to the Ho Chi Minh Stock
Exchange in the fourth quarter, Minh Phu said in a statement via the Hanoi stock market.
It also said Singapore-based Aranda Investments Pte. Ltd., a subsidiary of Temasek, represented its parent firm to hold the 10-percent stake in Minh Phu as of June 11.
After the statement was released, Minh Phu shares, which now trade on the over-the-counter Hanoi Securities Trading Center , gained 0.87% to 57,800 dong ($3.59) at 0233 GMT on, valuing the firm at $215 million.
Source: Reuters
Exchange in the fourth quarter, Minh Phu said in a statement via the Hanoi stock market.
It also said Singapore-based Aranda Investments Pte. Ltd., a subsidiary of Temasek, represented its parent firm to hold the 10-percent stake in Minh Phu as of June 11.
After the statement was released, Minh Phu shares, which now trade on the over-the-counter Hanoi Securities Trading Center , gained 0.87% to 57,800 dong ($3.59) at 0233 GMT on, valuing the firm at $215 million.
Source: Reuters
Risks of massive catfish farming announced
Officials from the Ministry of Fisheries have not been happy about the sharp increases of catfish exports in the last few years. Experts have warned about the side effects of the uncontrollable growth rate of catfish farming.
Vietnam targeted to export $1bil worth of tra and basa in 2007, and the targeted level, according to experts, is within reach. But what worries the Ministry of Fisheries’ officials is not the export plan, but how to protect the environment in catfish farming areas.
Kjersti Cravningen, Director in charge of Asia of Norway’s Pharmaq, said that the company found Vietnam’s catfish production capability very impressive. From 1997 to 2006, the catfish growing area increased by seven fold, from 1,200 ha to 9,000 ha, while the catfish productivity increased by 36.2 fold, from 22,500 ha to 825,000 tonnes.
Deputy Minister of Fisheries Luong Le Phuong said that catfish farming and processing of Vietnam was a legendary story. Vietnam’s tra and basa are now being exported to 80 countries and territories. The EU consumes 46% of Vietnam’s catfish exports, while Russia 11.3% and the US 9.9%.
However, experts have warned about the risks Vietnam may face while it is busy developing the farming areas at any cost.
Nguyen Huu Dung, Deputy Chairman of the Vietnam Association of Seafood Exporters and Producers, said that it was necessary to apply specific measures to improve the environment, otherwise, troubles would occur by the end of this year
According to Mr Phuong, catfish materials for processing are provided by the catfish rafts on rivers’ areas, and the farming depends heavily on the water environment. “It is very difficult to control the environment and risks of epidemics.
“Environmental pollution may lead to the collapse of a lot of enterprises,” Mr Phuong warned.
He stressed that farmers should focus on improving the quality of catfish in order to get higher export value rather than trying to expand farming scale at any cost.
Source: VNE
Vietnam targeted to export $1bil worth of tra and basa in 2007, and the targeted level, according to experts, is within reach. But what worries the Ministry of Fisheries’ officials is not the export plan, but how to protect the environment in catfish farming areas.
Kjersti Cravningen, Director in charge of Asia of Norway’s Pharmaq, said that the company found Vietnam’s catfish production capability very impressive. From 1997 to 2006, the catfish growing area increased by seven fold, from 1,200 ha to 9,000 ha, while the catfish productivity increased by 36.2 fold, from 22,500 ha to 825,000 tonnes.
Deputy Minister of Fisheries Luong Le Phuong said that catfish farming and processing of Vietnam was a legendary story. Vietnam’s tra and basa are now being exported to 80 countries and territories. The EU consumes 46% of Vietnam’s catfish exports, while Russia 11.3% and the US 9.9%.
However, experts have warned about the risks Vietnam may face while it is busy developing the farming areas at any cost.
Nguyen Huu Dung, Deputy Chairman of the Vietnam Association of Seafood Exporters and Producers, said that it was necessary to apply specific measures to improve the environment, otherwise, troubles would occur by the end of this year
According to Mr Phuong, catfish materials for processing are provided by the catfish rafts on rivers’ areas, and the farming depends heavily on the water environment. “It is very difficult to control the environment and risks of epidemics.
“Environmental pollution may lead to the collapse of a lot of enterprises,” Mr Phuong warned.
He stressed that farmers should focus on improving the quality of catfish in order to get higher export value rather than trying to expand farming scale at any cost.
Source: VNE
Friday, June 15, 2007
Vietnam Navico sees yr net up 25% on fish exports
Vietnam's largest fish exporter, Navico, forecast on Friday its net profit would rise by more than a quarter this year to 321 billion dong ($19.9 million), helped by strong sales of catfish to Europe.
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
The unlisted firm plans a June 21 initial public offering of 6 million shares, hoping to raise at least $37.2 million. Bao Viet Securities will underwrite the issue.
In a statement via the Ho Chi Minh Stock Exchange , Navico said it expected revenues this year to grow 26% to 3.42 trillion dong ($212 million). Revenues more than doubled last year to 2.71 trillion dong on robust export growth.
January-April net profit rose to 169.22 billion dong ($10.5 million), or 52.7% of the full-year net profit target, Navico said in a statement, but gave no comparative figures.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico, 60% owned by a family, aimed to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
European markets, including Russia, accounted for more than half its sales, followed by around 30% to Asia.
Fish and shrimp are Vietnam's fourth-largest foreign exchange earner after crude oil, textiles and footwear. Catfish exports alone are forecast to jump 35.7% this year to $1 billion.
An Giang province-based Navico warned of the risks it faced from contaminated water sources due to the rapid growth of family-based fish farming -- a concern echoed by the industry as a whole.
Exporters also say they face problems with the overuse of chemicals and antibiotics such as chloramphenicol in products bought from local farmers.
Source: Reuters
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
The unlisted firm plans a June 21 initial public offering of 6 million shares, hoping to raise at least $37.2 million. Bao Viet Securities
In a statement via the Ho Chi Minh Stock Exchange , Navico said it expected revenues this year to grow 26% to 3.42 trillion dong ($212 million). Revenues more than doubled last year to 2.71 trillion dong on robust export growth.
January-April net profit rose to 169.22 billion dong ($10.5 million), or 52.7% of the full-year net profit target, Navico said in a statement, but gave no comparative figures.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico, 60% owned by a family, aimed to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
European markets, including Russia, accounted for more than half its sales, followed by around 30% to Asia.
Fish and shrimp are Vietnam's fourth-largest foreign exchange earner after crude oil, textiles and footwear. Catfish exports alone are forecast to jump 35.7% this year to $1 billion.
An Giang province-based Navico warned of the risks it faced from contaminated water sources due to the rapid growth of family-based fish farming -- a concern echoed by the industry as a whole.
Exporters also say they face problems with the overuse of chemicals and antibiotics such as chloramphenicol in products bought from local farmers.
Source: Reuters
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