Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) had its processed shrimp production and export volumes hit all-time highs in August, despite impacts of the COVID-19 pandemic.
The company produced 2,468 metric tons (MT) of shrimp from its processing plants and exported 2,195 MT in August. Its export value in the month was USD 23.6 million (EUR 20 million), Fimex said in its latest business update.
Fimex has been ramping up its processed shrimp output and scoring higher export values for its products, with its July figures also hitting company records.
The company’s export value in the first eight months rose 12.5 percent year-on-year to USD 120.6 million (EUR 101.6 million).
However, shrimp farming in the Mekong Delta has been affected by disease outbreaks this year, which is likely to result in material shortages for processing factories in the region in the remaining months of this year, it said.
In August, Fimex established a new company, Khang An Foods, which operates in aquaculture and processing, and farming and processing of agriculture products. Fimex contributed VND 180 billion (USD 7.8 million, EUR 6.5 million) for a 77 percent stake in Khang An Foods, with the remainder being bought by other investors. The new subsidiary, which is expected to begin operations in early 2020, will help further develop Fimex’s processing capacity of shrimp, it said.
This year, Fimex expects to produce 17,500 MT of shrimp products, up 7 percent from 2019; and sell 16,000 MT, up 6.7 percent year-on-year. The company also expects its export value will increase 10 percent from 2019 to USD 176 million (EUR 148 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
