Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) increased its production and export value in May compared to April as its operations return to normal following the country’s implementation of strict social distancing measures.
The company produced 1,760 metric tons (MT) of shrimp from its processing plants in the month, a bounce of 47.2 percent from April, and up 5 percent year-on-year, Fimex said in a statement on 1 June.
It earned USD 15.3 million (EUR 13.7 million) in export value in the month, 36.6 percent higher than April, but down 4 percent year-on-year.
Fimex said it will perform better in June.
In May, the company began harvesting at its farms in the Mekong-area province of Soc Trang, with 39 ponds already being harvested in the month. Harvesting at the remaining ponds will be completed in July, so new seedings can begin, it said.
Fimex said in a report prepared for the stakeholders’ annual meeting scheduled on 12 June that in 2019 it reduced exports to the United States due to “difficulties” in this market, and instead, enhanced shipments to Japan, South Korea, and Australia.
It said the COVID-19 pandemic has caused “chaos” in the global markets but it has also created opportunities.
This year Fimex plans to produce 17,500 MT of shrimp products, up 7 percent from 2019, and sold 16,000 MT, rising 6.7 percent year-on-year.
The company expects its export value will increase 10 percent from 2019 to USD 176 million (EUR 158 million) this year. It will expand 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 plans to finish work at its planned cold storage facility, which will have capacity for 6,000 pallets, this year. The company may also build two other processing plants in Soc Trang’s An Nghiep Industrial Park, it said.
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
