Vietnam seafood stocks gain on world economic recovery outlook

VNStockNews.com - Mekong Fisheries Joint-Stock Co. 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.

Mekong Fisheries gained by daily limit of 5 percent to close at VND35,700, the highest since Nov. 25. Sao Ta Foods Joint-Stock Co. advanced 4.9 percent to VND19,200, the highest since Nov. 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 & Producers.

The Southeast Asian nation’s shrimp exports will increase in 2010, Vietnam News reported Thursday, citing Truong Dinh Hoe, general secretary of the seafood association. Shrimp exports will double to $500 million, and overseas sales of prawns will rise to $1.4 billion, Hoe said, according to the newspaper. Exports were worth $1.52 billion last year, Vietnam News said.

“Vietnamese seafood exporters still posted good earnings last year because everyone needs to eat under any circumstances, but this year they can ship more products with higher values because of improved economic conditions,” Nam said by phone Thursday.

An Giang Fisheries Import & Export Joint Stock Co. advanced 4.9 percent to VND36,300, the highest since Nov. 20. Minh Phu Seafood Joint-Stock Co., Vietnam’s second-biggest listed seafood company, climbed 4.9 percent to VND36,700, the highest since Nov. 24.

Vietnam’s Ministry of Industry and Trade expects seafood exports to rise 6.8 percent this year to $4.7 billion as the global economic recovery will help boost orders from key import markets, including the European Union, Japan and the US, Vietnam News reported on Jan. 5.