Vietnamese Fimex’s shrimp production, sales surge in 2021

Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) saw its production and sales value rise in 2021, despite the turbulence caused by the COVID-19 pandemic, Fimex said in an update.

The company produced 22,790 metric tons (MT) of processed shrimp last year, an increase of 12 percent year-on-year. It sold 18,370 MT of processed shrimp, up 7 percent from 2020.

Fimex’s export value over January-December last year also grew 12 percent year-on-year to USD 213 million (EUR 188.4 million).

The company’s consolidated net profit in 2021 was around VND 280 billion (USD 12.3 million, EUR 10.9 million), 15 percent higher year-on-year.

Fimex said it had a successful year of shrimp farming but the shortage of containers and high freight costs have affected its delivery capacity for far-distance markets, thus hitting its processing capacity. The average shipping cost to ports in the E.U., for example, is 9 times higher than two years ago, hurting Fimex’s competitiveness in its most important market.

In 2022, Fimex will continue to expand its farming area, with another 52 hectares to be developed by its subsidiary, Khang An. The group targets to have at least 500 hectares of shrimp farming area by 2025.

The company’s planned expansion of farms will be supported by its strategic partner, Thailand-based food giant Charoen Pokphand Foods’ (CP Foods) Vietnam unit, C.P. Vietnam. C.P. Vietnam has recently raised its stake in Fimex to 25 percent, the Vietnamese shrimp producer said.

Fimex plans to finish construction of two new processing plants in Soc Trang Province this year. Their combined capacity is 25,000 MT per year, including one of 15,000 MT/year capacity and the other of 10,000 MT/year capacity. 

Fimex, headquartered in Soc Trang, operates its own farms on 270 hectares that supply material to its processing plants in the region, and also buys shrimp from local farmers for processing.  

Photo courtesy of Fimex