In 2016, the export turnover of the company hit US$272 million, picking up 15% out of a total of 200 seafood enterprises. The company owns a closed production chain with five pangasius processing factories with the total capacity of 750 MT/day in 2016, two byproduct processing factories (fishmeal, fish fat) with the total capacity of 70,000 MT/year. Besides, the company also has a collagen and gelatin factory (extracted from fish skin) with a capacity of 1,000 MT of gelatin per year and 1,000 MT of collagen per year. The company can self-supply 65% of raw pangasius for its processing plants.
The growth rate of the company’s export turnover in the past 20 years was an average of 19% per year, that in the last 10 years (2007-2016) was 15%, which is 2.5 time higher than the general growth rate of the whole sector (6%).
In the early 2016, Vinh Hoan set a three-year plan with the revenue growth of 15-20% per year, and expected to reach VND10,000 billion in 2018 by expanding its production scale in parallel with product and market development. Sales in 2016 was up 12% year on year. In addition to remaining its current markets, the company is focusing on expanding its direct distribution channels and opening up 5 new markets namely Pakistan, Thailand, India, Greece and Reunion. Shipments to Japan, China and Mexico showed the impressive growth of 60%, 135% and 80%, respectively. Moreover, the company has successfully put its products with the brand of Vinh Foods into Mercadona, the largest supermarket chain in Spain.
In early 2017, the company completed the acquisition of 100% stake in Thanh Binh Dong Thap Fisheries Jsc. The company completed the construction of two factories of Van Duc Tien Giang, one for processing pangasius fillets, one for value-added products. The acquisition of Thanh Binh Company meets Vinh Hoan's capacity expansion needs, which rises by 20%. In addition, Vinh Hoan is planning to build a fishmeal and fish fat factory to optimize its byproducts from pangasius.
Compiled by Dieu Thuy
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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