Vietnam’s Fimex to build new shrimp processing factory next year
Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) is planning to build a new shrimp processing plant in the Mekong Delta next year to serve its business growth.
Fimex Chairman Ho Quoc Luc told SeafoodSource on Thursday, 10 September, the new factory will have capacity of 15,000 metric tons (MT) per year and will be constructed on an area of 4.3 hectares in the An Nghiep Industrial Park in Soc Trang Province.
Work on the new plant, which will be designed to produce high-quality, value-added products, is expected to begin in early 2021 with a target for completion after one year of work.
Fimex is scheduled to hold an extraordinary general meeting on 18 October to seek approval from its stakeholders for the project. The company plans to issue more shares to its current stakeholders to increase 20 percent of the chartered capital, which will be used to finance the project, Luc said.
The meeting next month will also discuss ways to improve Fimex’s shrimp-farming capacity with a view to having more high-quality material for the E.U. Luc said shrimp from Vietnam will have more opportunities in the E.U after the European Union-Vietnam Free Trade Agreement (EVFTA) entered into force from 1 August.
Despite the pandemic, Fimex has seen its business operations thrive this year. The company established a new company, Khang An Foods, which operates in aquaculture and processing, and farming and processing of agriculture products. The new subsidiary, which is expected to begin operations in early 2021, will help further develop Fimex’s processing capacity of shrimp.
Fimex’s processed shrimp production and export volumes hit all-time highs in August. Fimex’s processed shrimp output and export value also broke records in July.
The company’s business results have grown in line with the overall expansion of Vietnam’s shrimp sector this year.
Fimex 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.