return icon

Facing difficulties in US market, ‘Shrimp King’ family still earns big money

The seafood company of Le Van Quang, dubbed the ‘Shrimp King’, is facing an international lawsuit, and reporting a sharp fall in profit in 2019. However, it still plans to pay hundreds of billion dong worth of dividends.

Minh Phu Seafood (MPC) has fixed the right to receive dividends in cash, VND1,500 per share. With nearly 200 million shares in circulation, the total amount of money Minh Phu will have to pay for dividends is VND300 billion. The money will be paid on November 26.




Chu Thi Binh and his husband Le Van Quang



President of Minh Phu Group Chu Thi Binh and her husband, Le Van Quang, and their family members are holding 87 million MPC shares and will receive VND130 billion in dividends.

Binh is now the biggest individual shareholder of Minh Phu, holding 35 million shares, or 17.5 percent of the company’s total shares. Meanwhile, Quang, the general director, is holding 32 million shares, or 16 percent.

Their children hold 11.7 million MPC shares.

Meanwhile, Long Phung Investment, where Quang and Binh hold 90 percent of shares, is holding 8.2 million MPC shares.

VND300 billion for dividends is be a relatively high figure, but it is still modest compared with the dividends paid in previous years and with the initial plan.

In 2018, MPC shareholders received VND7,000 in cash per share (70 percent). In 2019, it initially planned to pay 50 percent in cash, but later lowered the proportion to 15 percent, retaining profits to ensure the cash flow in the context of the epidemic.

Minh Phu seafood is the biggest shrimp production company in terms of revenue.

It is an international lawsuit in the context of the US tightening the control over imports. CBP stated it has evidence of a legal violation by MSeafood, a subsidiary of Minh Phu Seafood. The company has been suspected of mixing imports from India with Vietnam’s shrimp to avoid anti-dumping duties.

CBP said that Minh Phu imported shrimp from India and used the shrimp during the processing of frozen shrimp at their production workshops.

The allegation is that frozen shrimp from India were "minimally processed" in Vietnam and sold to the US through Mseafood as a Vietnamese product.

According to the Shrimp Alliance, the US DOC began imposing anti-dumping duty on frozen shrimp from Vietnam, India and other countries in 2005, but in July 2016, Minh Phu was excluded from the list of companies. Meanwhile, India is still bearing the tax rate of 10.17 percent.

Many listed companies are paying high dividends despite the pandemic. Binh Minh Plastics has advanced VND232 billion for cash dividends for the first phase in 2020, while Quang Nghia Sugar is paying VND530 billion. 

M. Ha

Billions of dollars worth of shares expected to enter bourse

Billions of dollars worth of shares expected to enter bourse

A number of commercial banks are going to list their shares at the HCM City Stock Exchange (HOSE), and are expected to bring a breath of fresh air to the market, which has been stagnant because of the pandemic.

Covid-19 disrupts 'rules' of the Vietnamese stock market

Covid-19 disrupts 'rules' of the Vietnamese stock market

Investors are concerned about the stock market performance, which has become unpredictable because of the pandemic.


Rubber groups aim to cut China reliance

As China cuts down on its purchase of rubber from Vietnam, the latter has witnessed a sharp decline in its rubber market share in China.


HCM City works hard to better quality of human resources


Vietnam sees more chances for coffee exports to the US

Vietnam stops announcing new daily Covid-19 infection from June 29

The Ministry of Health (MoH) yesterday said that from June 29, it stops posting new daily Covid-19 infection. The daily announcement will have only the numbers of recovered cases, deaths, and vaccinated people.

Vietnam considers axing additional taxes to lower retail price of petrol

The Ministry of Finance has submitted a proposal to the Prime Minister in a bid to reduce the excise tax and value added tax, in addition to the environmental protection tax, as it seeks control rising petrol prices.

For sustained success, Vietnam should learn from the mistakes of others

Right now, Vietnam is full of promise. The recent ratings upgrade by S&P Global makes it likely that the country will be the next “rising star”, referring to the achievement of its first investment grade rating in the next few years.

Airlines busier, but still incurring losses

Despite the increase in the number of passengers, air carriers are still incurring losses due to the fuel price increase.

Ministry of Health explains reasons for not announcing end of COVID-19 pandemic

If Vietnam declares the end of the COVID-19 pandemic in the country, it will meet many difficulties in pandemic prevention and control and be hit by slower economic recovery, the Ministry of Health (MoH) has said.

Paris square named after Vietnamese pilot

A small square in the center of the 16th arrondissement of Paris now bears the name of Do Huu Vi, a Vietnamese national who was one of the first pilots of the French army.

UNCLOS greatly contributes to promotion of regional maritime cooperation: experts

The 8th Ocean Dialogue took place in Hanoi on June 29 under the theme “40th Anniversary of UNCLOS: Promoting maritime cooperation in Southeast Asia”.

Vietnam, UK hold 4th defence policy dialogue in London

Vietnamese and UK officials said they wish to turn defence cooperation into a pillar in the countries’ overall relations at the 1st session of the 4th Vietnam-UK defence policy dialogue held in London on June 29.

International Competition creates architectural plan for Vung Tau

Seeking a unique architectural plan and tourist landmarks for the coastal city of Vung Tau, Five Star International Group (Five Star Group) and Agritour & Green World organised an International Design Competition.

Investors rush to sell coastal villas to cut losses

Hundreds of million-dollar seaside villas in Da Nang, the “capital” of resort property, have been idle for over two years.

Global providers’ expansion plans make Hanoi coworking supply rise

The Vietnamese coworking market is growing exponentially as more and more people become aware of the benefits this niche brings from a business and productivity point of view.

Personal information needs more protection in Vietnam

Government agencies’ awareness about protection of personal data on online platforms remains low, according to speakers at a seminar held recently by UNDP Vietnam and the Institute for Policy Research and Media Development (IPS).