Vietnam’s leading pangasius producer Nam Viet Joint Stock Company (Navico) has planned to earn lower sales revenue and profit this year due to the global coronavirus pandemic.
The company expects to gain VND 3 trillion (USD 128.5 million, EUR 113.7 million) of sales revenue and VND 200 billion (USD 8.6 million, EUR 7.6 million) of net profit this year, down 33 percent and 72 percent from 2019, respectively, according to a report prepared for its annual stakeholder meeting scheduled for 26 June.
“Since early 2020 the exports of pangasius have faced new challenges in the wake of the COVID-19 pandemic. The complicated outbreak in Europe, Asia and other regions will worsen the export prospects in the coming months,” Navico said.
Navico’s sales revenue last year rose 8.8 percent to VND 4.48 trillion (USD 192 million, EUR 170 million), thanks mainly to sales growth in China, Southeast Asia, and the European Union. Its net profit also surged 16.5 percent year-on-year to VND 704 billion (USD 30.2 million, EUR 26.7 million) in 2019.
The company has capacity to produce 800 metric tons (MT) per day of feed, which is sufficient to meet demand from its own farms.
Navico can also produce pangasius from its own farms to supply all demand from the processing factories. At present, the company is operating 58 ponds raising pangasius breeds and 229 farming ponds at Binh Phu, its biggest farm in Mekong Delta.
A total 8.8 MT has been harvested at Binh Phu. Navico said in May it expects to harvest 105,000 MT of pangasius from the 600-hectare farm this year.
The company has three factories with capacity to process 600 MT per day in total, including the An Do Duong (400 MT per day), Nam Viet (120 MT per day) and Thai Binh Duong (80 MT per day).
Navico plans to begin construction in August at a factory in Vietnam that would produce collagen and gelatin from pangasius, an official from Navico told SeafoodSource earlier this month.
Photo by Toan Dao/SeafoodSource
