Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) plans to commission its new shrimp processing plants in the third quarter of this year.
The combined capacity of the two factories, which are being constructed in Soc Trang, are 25,000 metric tons (MT) per year, with one having 15,000 MT in annual capacity and the other with 10,000 MT annual capacity.
In June 2022, Fimex subsidiary Khang An will put into operation a new, 52-hectare farming area. The group will continue to expand its farming area and targets to have at least 500 hectares of shrimp farming area by 2025.
The construction of the new processing plants, and the addition of Khang An’s new shrimp-farming area, are cornerstones of Fimex’s strategy to become a bigger player in the global shrimp industry, according to financial documents released in advance of its 15 April stakeholders meeting.
Fimex plans to produce 25,000 MT of processed shrimp in 2022, an 8.9 percent year-on-year increase. It expects to sell 20,000 MT of processed shrimp, up 11.5 percent from 2021. In terms of sales, it hopes to achieve consolidated sales of USD 230 million (EUR 207.8 million) in 2022, up 11.3 percent year-on-year, and to earn a consolidated profit before tax of VND 320 billion (USD 14 million, EUR 12.6 million), up 10.7 percent from 2021.
The company’s ambitious sales value and profit targets will be supported by a noted rise in shrimp demand from Fimex’s major markets, especially now that the COVID-19 pandemic is under better control, the company’s management said.
For 2022, Fimex will continue to focus its sales efforts on Japan and the United States. It also hopes to boost sales to the European Union, South Korea, and Australia.
The company’s consolidated sales value, comprising sales of shrimp and agricultural products, grew 81 percent year-on-year to USD 40.2 million (EUR 36.3 million) in the first two months of 2022, Fimex said.
Fimex operates 270 hectares of shrimp farms that supply material to its processing plants. It also buys shrimp from local farmers for processing.
The company, which is partially owned by Thailand-based Charoen Pokphand Foods’ (CP Foods) Vietnam unit, C.P. Vietnam, is aiming to have at least 500 hectares of shrimp-farming ponds operational by 2025
Photo courtesy of Fimex
