CP VIETNAM expects to generate revenue growth of 12 per cent by the end of this year and has a longer-term plan to produce 500,000 tonnes of shrimp annually by 2025.
Montri Suwanposri, president of CP Vietnam said that the firm had gained revenue in the third quarter of this year at US$1.88 billion (Bt61.71 billion), with 81 per cent of it coming from the livestock business and 19 per cent from the aquaculture business.
The revenue from this year’s third quarter also grew about 31 per cent from the same period last year, reaching revenues of $1.44 billion.
“The Vietnamese market has high potential growth,” said Montri. “The country consumes pork at around 50 million tonnes per year. Meanwhile, the Thai market consumes around 20 million tonnes of pork per year. Moreover, the average age of the Vietnamese population is 31 years – and that is part of what will drive our business growth,” said Montri.
He said the Vietnamese market for shrimp will by 2025 have a total capacity of one million tonnes, and CP expects to produce about 500,000 tonnes of shrimp by then to support the market. To achieve that, it will produce around 15,000 million units of post-larval shrimp to support the market demand.
The firm last year exported shrimp and pangasius dory catfish to around 20,000 tonnes. The achievement in growing Vietnam’s combined shrimp farms has become a role model for CP Foods businesses across the world.
“CP Vietnam has been one of the outstanding taxpayers of Vietnam for several consecutive years. In addition to that, the company’s revenues also directly support the CP Food business,” said Montri.
The food firm by the end of this year expects to generate revenue growth of around 12 per cent above that of last year.
The firm this year also expects to produce 6.5 million units of pork, 66 million units of broiler chickens, 750 million units of chicken eggs, 6,500 tonnes of shrimp, 45,800 tonnes of fish, 11,200 million units of shrimp fry, and 300,000 tonnes of animal feed.