Vinh Hoan, Vietnam’s leading pangasius company, has decided to establish a subsidiary in Singapore to support its import and export operations.
The company said on 16 December its Vinh Technology Pte Ltd. will have a chartered capital of USD 150,000 (EUR 123,173) and will be wholly owned by Vinh Hoan.
Vinh Technology will focus on trading of seafood products; chemicals, materials, and auxiliary materials for the food sector; and trading of food supplements including Vinh Hoan’s self-produced collagen and gelatin.
Vinh Hoan’s business operations have recovered in recent months, with the year-on-year export value rising for second month in a row in October, due mainly to improved sales to China.
The company exported pangasius and other products worth VND 735 billion (USD 31.6 million, EUR 26.7 million) in the month, an increase of 11 percent year-on-year.
The United States remained the largest destination for Vinh Hoan's pangasius in October, with sales value of VND 242 billion (USD 10.4 million, EUR 8.8 million), down 1.2 percent from the same month last year. Sales to Europe in the month also fell 11.4 percent to VND 70 billion (USD 3 million, EUR 2.5 million) compared to October 2019.
Continuing the upward trend in September, the company's sales to China rose in October to help offset the decline from the U.S. and European markets. China remained the second-biggest buyer of pangasius from Vinh Hoan in the month, importing the volume worth VND 210 billion (USD 9 million, EUR 7.6 million), jumping 32.9 percent year-on-year.
Compared to September, Vinh Hoan’s export value in October also surged 32.7 percent, which was “primarily due to exports value in some major markets increased in the end of the third quarter,” the company said.
Notably, the export value of Vinh Hoan’s wellness products, which the new Singapore-based subsidiary will trade, rose 43.8 percent year-on-year to VND 46 billion (USD 2 million, EUR 1.7 million) in October, up 64.3 percent month-on-month.
Photo by Toan Dao/SeafoodSource
