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Vietnamese Seafood processor nets strategic partner

VIET NAM - The tra and basa catfish processing company Nam Viet has concluded a strategic partnership with two other companies, Mekong and Hung Vuong operating in the same industry.

Under the signed agreement, the three partners will jointly develop business programmes relating to fish farming and markets.

They will share experience and information on production organization, material purchases and technology application to ensure product quality while preserving the environment. Joint efforts will also be made in training activities.

Viet Nam's catfish processors have joined forces to develop business opportunities.

Nam Viet chairman Doan Toi said the three would consider becoming one another’s major shareholders.

The same day Nam Viet became the 128th company on the board of the Ho Chi Minh City Stock Exchange listed under the code ANV.

On the first trading day, more than 450,000 shares changed hands. Company shares closed the day at 98,000 VND (6 USD), compared to the reference price of 117,000 VND.

The company has a charered of 660 billion VND (41.2 million USD). It represents almost 21 percent of the fish export from Viet Nam with major markerts in the European Union, Russia , China , Australia , Singapore , Republic of Korea , the Middle East and Africa .

This year the company targets to earn 430 billion VND in net profits. The figure is expected to rise to 519 billion VND in 2008 and 619 billion VND in 2009. Annual dividend will be 18 percent for the three years.

Source: BVOM.com

Ellen Hardy

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