Minh Phu, the "king of shrimp," plans to expand its domestic market share.

Since over 99% of Minh Phu's shrimp sales each year are for export, the company plans to increase its market coverage in the domestic market by introducing its products into supermarkets.

This statement was made by Mr. Le Van Quang, Chairman and CEO of Minh Phu Seafood Group, on the sidelines of the cooperation signing ceremony with Bach Hoa Xanh on March 26th in Ho Chi Minh City.

Established in 1992, Minh Phu Seafood Group is Vietnam's largest shrimp exporter. Chairman Le Van Quang revealed that over the past 30 years, he has repeatedly tried to get his products into domestic supermarkets, but has mostly been rejected due to the high price of Minh Phu shrimp. However, he believes that, considering the quality, the company's price is "reasonable for the costs incurred."

This partly explains why, although the company sells about 50,000 tons of shrimp annually, over 99% is exported, with only 0.5% consumed domestically. "The domestic market share is difficult to expand because consumers are not yet willing to pay for quality products," he said. Currently, Minh Phu's export shrimp prices are 10-20% higher than domestic retail prices.

However, the "shrimp king" said it was time for them to "return to home turf" by cooperating with retailers, bringing quality products (free from banned substances and antibiotics) at reasonable prices to consumers.

"We hope this partnership with Bach Hoa Xanh will help our business increase its market share in the domestic market," Mr. Quang said, adding that they will expand their product reach across various channels to increase their market share by 5-10%.

Shrimp (30 pieces per kilogram) are being sold at Bach Hoa Xanh supermarket for 165,000 VND. Photo: Linh Dan — Shrimp (30 pieces per kilogram) from Minh Phu are sold at Bach Hoa Xanh supermarket chain. Photo: *Linh Dan*

This company also applies MPBiO biotechnology (which does not use antibiotics or chemicals), which they have researched and developed, to shrimp farming. This technology consumes less electricity and water and helps them reduce farming costs by 50%.

As a result, Minh Phu's shrimp sold in the domestic market meets the same quality standards as those exported to Japan, the US, and the EU, while the price is equivalent to or lower than those of the US.

During its six-month trial period, the Bach Hoa Xanh supermarket chain sold over 1,300 tons of Minh Phu shrimp, generating approximately 220 billion VND in revenue. This year, the company aims to sell 3,000 tons, achieving 500 billion VND in revenue across its 1,700 supermarkets.

"Previously, the best products were usually for export, but now we are doing the opposite, bringing the freshest, highest-quality products to serve Vietnamese people," said Mr. Pham Van Trong, CEO of Bach Hoa Xanh. Minh Phu's fresh shrimp is sold at this system for 186,000 VND (30 shrimp per kilogram).

Minh Phu Shrimp currently supplies to over 50 countries, generating revenue exceeding 10 trillion VND annually. To increase exports and establish a foothold in the domestic market, the "king of shrimp" aims for a 50% growth compared to the same period last year and to return to profitability.

Thi Ha

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