Fimex’s shrimp sales up 20 percent in first 11 months of 2020
Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) reported an increase in export value this year supported by the growth in processed output.
Fimex said in its latest update that the export value it earned in November was USD 18.4 million (EUR 15.4 million). In the first 11 months, the export value surged 20 percent year-on-year to USD 180 million (EUR 150.4 million).
The company produced 1,900 metric tons (MT) of shrimp products from its processing factories in November, rising 49 percent from the same month in 2019.
Fimex’s business performance went in line with Vietnamese shrimp sector so far. The country exported shrimp worth USD 431.7 million (EUR 363.8 million) in October, up more than 25 percent from October 2019. The total export value of its exported shrimp rose 12.3 percent year-on-year to USD 3.1 billion (EUR 2.6 billion) in the first 10 months of 2020.
Given high business growth this year, Fimex is carrying out an expansion plan to further aid export capacity. On 12 November, the company’s board of directors approved a plan to issue an additional 9.8 million shares to its current stakeholders to raise funds for a new processing plant it is planning to build next year.
The new factory will have a designed capacity of 15,000 MT per year in Soc Trang Province to support export growth in the coming years. Work on the project, which is scheduled to cost between VND 200 billion and VND 250 billion (USD 8.6 million and USD 10.8 million, EUR 7.4 million and EUR 9.3 million), is expected to begin in early 2021. The new plant will mainly serve the European markets.
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