Forever Net finds niche in its Vietnam manufacturing base
Forever Net, a Taichung, Taiwan-based maker of polyethylene netting and ropes for fishing and aquaculture, has found a niche.
The company has found the right balance between quality and value, according to assistant general manager Steven Lin, speaking to SeafoodSource at the 2019 Seafood Expo Global in Brussels, Belgium.
Formally named Công Ty TNHH Forever Industries, Forever Net has two manufacturing facilities in Bình Dương Province, Vietnam, near Ho Chi Minh City, where it employes nearly 500 workers. The business, founded in 1985 by Lin’s father, has expanded by a multiple of three over the past 10 years and now logs around USD 15 million (EUR 13.4 million) in annual sales, according to Lin.
The key has been developing high-quality netting that the company is able to manufacture at a cheaper cost than its rivals, Lin said.
“The advantage of our company is that, comparing ourselves to factories in Spain, Greece, or other locations in Europe, our prices are much cheaper than theirs. When I contact my customers, they just keep saying European factories are too expensive and that if we could do the same or similar products they will prefer to order from us. And we are now in a situation where we are producing much better-quality [nets] than factories in China.” Lin said. “If we are able to get our products even close to European product standards, while keeping our costs similar to those in the rest of Asia, I think it’s pretty good situation for us.”
Until recently, Forever Net has not had to look beyond Vietnam for growth. Having experienced a huge fishing and aquaculture boom in recent years, domestic demand for netting has outpaced supply, Lin said. The company still sells 80 percent of its products in Vietnam, but has now grown big enough where it can look beyond Vietnam’s borders for additional business. As a result, Lin brought Forever Net to Seafood Expo Global for the first time this year.
“It’s our first time here, and our primary objective is trying to find new markets here,” Lin said.
Forever Net specializes in trawl nets and in anti-bird netting for aquaculture facilities, but Lin said the company has practically unlimited capacity to meet consumer demands.
“We just need to find out what they want and we can do what they need,” he said. “If they need something that we don’t have or some new technology, we will try to learn that solution, and currently in my company we have this ability to do innovation.”