"We have exported aquatic animals [like shrimp] both processed and frozen products every year but never increased the proportion. Although CP Group firmly believes the Vietnamese economy will recover soon after the government launched several measures to control inflation and maintain economic stability, at present we have to focus more on the export market to avoid currency fluctuations. We expect the aquatic-animal export proportion to increase to 10 per cent in four years," Sooksunt Jiumjaiswanglerg, executive vice president for agro-industry and the food business in Vietnam, said yesterday.

The group has increased exports of seafood, particularly processed shrimp, from 2,000 tonnes per year on average to 3,500 tonnes this year for a rise from 2 per cent of total output to nearly 4 per cent. Exports will rise to 5,000 tonnes next year.

Recently, Vietnam devalued the dong by 2 per cent after it ran a trade deficit of US$14.4 billion (Bt485 billion) over the first five months. Several brokerages predict the dong will weaken by 40 per cent in the near future.

 "We expect sales to grow over 25 per cent this year. Despite the high inflation rate, in the first half of this year, our sales grew by 35 per cent, which is better than last year, because we could adjust agricultural prices by 40 per cent according to the increase in raw materials," he said.

CP's business in Vietnam is the second largest among all CP's operations worldwide. CP allocated an investment of $100 million for Vietnam this year, 15 years after it set up its agricultural businesses in the country and invested $200 million there, he said.

This year's capital budget will be spent to form three animal-food production businesses including terrestrial, aquatic and fish foods, as well as to build shrimp-breeding and corn-roasting facilities.