Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) had its processed shrimp production and export value break records in July, despite impacts of the COVID-19 pandemic.
The company produced 2,268 metric tons (MT) of shrimp from its processing plants and earned USD 20.3 million (EUR 17.3 million) of sales value in the month, Fimex said in its latest business update. The processed volumes, and the export value, both reached the highest levels in Fimex’s 25 years of operation, the company said, without providing a breakdown.
“Shrimp harvesting output in Vietnam often rises to the peak in July. Production of other companies also increased, not just Fimex,” Fimex Chairman Ho Quoc Luc told SeafoodSource on Tuesday, 4 August.
Fimex said it has harvested 2,300 MT of shrimp in the main crop this year, and work on the second crop is underway.
Luc said the coronavirus pandemic has not had much impact on its operation so far. Fimex has closely communicated with its buyers to clear any transportation hurdles in order to boost exports, he said.
However, lower global demand for shrimp has scared farmers in Mekong Delta, discouraging them from seeding. As a result, Vietnam is likely to face a shortage of shrimp material by the end of the third quarter, which may translate into higher prices, Luc said.
This year, Fimex plans to produce 17,500 MT of shrimp products, up 7 percent from 2019; and sell 16,000 MT, and rising 6.7 percent year-on-year.
The company also expects its export value will increase 10 percent from 2019 to USD 176 million (EUR 150 million). It is also expanding its farming area to 270 hectares from 190 hectares, comprising of about 350 ponds – with self-supply expected to account for 25 to 30 percent of the company’s total material demand.
Fimex has its own farms on 190 hectares that supply material to its processing plants in the region. The company also buys shrimp from local farmers for processing.
Photo courtesy of Fimex
