Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) increased its production of processed shrimp in September, continuing strong growth momentum is has seen fed by increased export valuation in recent months.
The company produced 2,390 metric tons (MT) of shrimp and took in USD 17.9 million (EUR 15.2 million) from its exports, Fimex said in its latest business update. It did not provide a breakdown, but said both production and export value increased significantly in September compared to the same month a year ago.
The company’s export value in the first nine months surged 16.1 percent year-on-year to USD 138.1 million (EUR 117.6 million).
According to Fimex, lower temperatures in the Mekong Delta by year-end are not suitable for growing shrimp. Therefore, Fimex had already begun seeding the second crop earlier, and it expects to harvest all the output within this year.
Fimex Chairman Ho Quoc Luc told SeafoodSource last week many farmers in the region were reluctant to begin stocking during the current rainy season due to the impacts of diseases on farmed shrimp, especially enterocytozoon hepatopenaei (EHP). Heavy rains and low temperatures also discouraged them from seeding.
Luc said earlier this week Fimex’s sales value is expected to surge 12.5 percent year-on-year to USD 180 million (EUR 154.7 million) this year.
Currently the U.S. is Fimex's top market, with year-on-year growth of about 10 percent. But the European Union could overtake the United States once the global COVID-19 pandemic is contained, as the company and other exporters from Vietnam will be able to take advantage of low tariffs brought about by the European Union-Vietnam Free Trade Agreement (EVFTA), which went into effect 1 August.
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
