Hanoi (VNA)— Hung Vuong Corporation (HVG) plans to invest 333.45 billion (14.8 million USD) to purchase 51 percent of stakes in the Russian Fish Joint Stock Company, Duong Ngoc Minh, Chairman and Chi💞ef Executive officer (CEO), said.

HVG also announced over 12.3 trillion VND (546.6 million USD) in net revenue and a profit before tax of 151 billion VND (6.7 million USD) in its annual shareholder meeting on January 29. Established in 2003, the corporation processes and exports fishery products. It also produces animal feed and operates cold storage plants in Vietnam and Russia. Minh said that though 2015 profits had decreased, it was connected to the profit downtrend on the global market, and the demand for domestic exports of fisheries products was still high. He added his group is developing well, while forecasting that the market will be better this year, and he will be ready to take the chance. HVG targeted a revenue of 24 trillion VND (nearly 1.1 billion USD) and a profit after tax of 500 billion VND (222.2 million USD) this year. The group also planned exports of 11-13 trillion VND in 2016, of which fish exports are 4.4-5.5 trillion VND, and shrimp exports are 6.7-7.78 trillion VND. It also expected to produce 1.5 million tonnes of animal feed in 2016 and 2.5 million tonnes in 2018. Minh said the Russian company, which registered 333.45 billion VND last year in after-tax profits, was a leading company in the Russian market. It imported and distributed many fisheries products from 18 markets around the world. He said that due to the economic difficulties, the Russian people tend to consume cheaper quality fish, thus there is an opportunity for the catfish exporters from Vietnam to sell tra and basa fish in the market. Meanwhile, the Russian company is one of the world leaders as a source of the favourite Alaska Pollak. Thus, he said, the cooperation between his company and the Russian firm will usher in good development for HVG. In line with the new investment plan, the group will gradually change its capital structure from short- to medium- and long-term. In 2014 and 2015, Hung Vuong successfully issued 1.3 trillion VND in inconvertible three-year bonds to the local credit institutions including 700 billion VND to the Bank for Investment and Development of Vietnam, 300 billion VND to the International Bank of Vietnam, and 300 billion VND to the Tien Phong Commercial Bank. As HVG needs cash to carry out more work this year, it will pay the 2015 dividend of 20 percent in shares, Minh said. On January 29, the HVG share ended at 11,000 VND each on the HCM Stock Exchange.-VNA