Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) saw its export volumes and export value rise in the first six months of this year, despite impacts of the coronavirus outbreak.
The company produced 7,310 metric tons (MT) of shrimp from its processing plants from January through June, marginal decline of 1 percent from the same period last year, Fimex said in its latest business update. Over the same period, Fimex exported 6,945 MT of shrimp, up 4.7 percent from 6,636 MT in the first half of last year.
The company earned USD 76.7 million (EUR 6.76 million) in export value in the period, an increase of 8.5 percent year-on-year.
As of 30 June, the company already harvested 1,500 MT of shrimp from 155 ponds at its farms in the Mekong-area province of Soc Trang.
Fimex did not provide its profit results for the first six months, but said it is similar to the same period last year.
Fimex chairman Ho Quoc Luc said in a statement earlier this month that the company has secured “big export contracts,” It will consider signing more contracts to make sure its production chain is not disrupted.
According to Luc, other shrimp producing countries like India, Ecuador and Indonesia have been hit hard by the COVID-19 pandemic. As Vietnam has successfully controlled the coronavirus outbreak – with zero deaths so far – many international buyers have turned to Vietnam for supplies.
This year Fimex plans to produce 17,500 MT of shrimp products, up 7 percent from 2019; and sell 16,000 MT, 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 155.2 million) this year. It is also expanding its farming area to 270 hectares, from 190 hectares, with about 350 ponds – with self-supply expected to account for 25 to 30 percent of the company’s total material demand.
Fimex, headquartered in Soc Trang, 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
