Dong Thap, Vietnam-based International Development and Investment Corporation (IDI) is planning to build a third pangasius-processing facility.
IDI currently operates two pangasius plants, one with the capacity to process 300 metric tons (MT) per day and the other with a daily processing capacity of 150 MT. It said in its annual report, filed in early April, that unprecedented demand for its products is preventing it from meeting demand, despite the fact its two factories are operating at full capacity.
“Therefore, there is an urgent need to build the third plant, which is necessary for the company’s development in the future,” IDI said.
IDI plans to start construction on the new factory, which will have a capacity of 500 MT per day, in the fourth quarter of 2022, at a yet-to-be-announced location in the Mekong Delta, it said.
IDI’s export value, mainly from pangasius sales, surpassed USD 90 million (EUR 82 million) in 2021, nearly flat from 2020. Forty percent of its sales by value were to China (including Hong Kong), followed by Mexico with 24 percent, Egypt with 7 percent, and the European Union with 5 percent. Its total 2021 sales dropped to VND 5.7 trillion (USD 251.4 million, EUR 229 million), off 10 percent from 2020, though its net profit rose 34 percent year-on-year to VND 143.3 billion (USD 6.3 million, EUR 5.7 million).
For 2022, the company has set a sales value target of VND 8.3 trillion (USD 364.5 million, EUR 332 million), an ambitious 45 percent higher than 2021, I.D.I said in documents prepared for its annual stakeholders meeting, taking place in April. The company said it expects to earn a net profit of VND 900 billion (USD 39.5 million, EUR 36 million) in 2022, six times higher than its net profit in 2021. That is despite the fact that it expects material pangasius prices will soon surpass their 2018 peak of VND 35,000 (USD 1.50, EUR 1.40) per kilogram.
Photo courtesy of IDI
