It is rightly noticed that the seafood export markets have shrunk significantly this year, from 159 countries and territories last year to 122 now, due to belt-tightening around the world. Adding to the woes many countries have erected technical barriers against Vietnamese seafood products. But fisheries companies have overcome these problems to achieve encouraging results, by April-end, exports topped US$1.05 billion.
It is said that many seafood companies in Vietnam have announced profits in the first quarter. Bac Lieu Fisheries Joint Stock Company, for instance, posted a net profit of VND2.3 billion for the first four months. As a result of their sterling performance, their shares have become attractive. Ben Tre Aquatic Product Import and Export Joint Stock Company’s earnings per share (EPS) has risen to VND1,244 and Ngo Quyen Export Seafood Processing Joint Stock Company’s, to VND828.
As the shares of seafood companies risen enormously the average dividend payment by them this year is estimated at around VND1,470. With their average share price at VND18,840 in mid-May, this translates into a rather high yield of 7.8 percent. HCM City-based Vinh Hoan Company’s seafood products, sold under the “Seafood Harmony” brand name, beat 37 other competitors to win a special award at the European Seafood Exposition 2009, helping improve the image of Vietnamese products.
Bankers said profits from lending had been higher than from investments in assets like bonds and shares. They said that credit growth was higher than deposit growth in April. In the month, it was up 4.86 percent month-on-month and 11.6 percent since the end of late 2008. Deposits recorded growth figures of only 3.74 and 9.88 percent.
Bui Hanh Thu, deputy general director of Sai Gon Co.op supermarket chain, said suppliers of food products had proposed a price increase of 10 percent, electrical home appliances would become 10 to 15 percent more expensive and the prices of imported products would go up by 10 to 18 percent.
