January 10, 2007

 

Agifish Gains Large Revenue from Catfish Export

 

 

An Giang Fisheries Import and Export Joint Stock Company or Agifish--one of Vietnam's leading catfish exporters--said it posted a 43 percent revenue increase n catfish exports in 2006.

 

Agifish sold a record 20,000 tonnes of catfish abroad worth US$58 million.

 

The company has also introduced 60 new catfish by-products last year in the local market, boosting its total sales to over VND1.1 trillion (US$68.48 million), according to company director Ngo Phuoc Hau.

 

Hau said that output will be even bigger this year with the commissioning of one more processing factory, adding that Agifish's total annual output will be 28,000-30,000 tons.

 

Agifish will also construct a VND100-billion (US$6.22 million) catfish processing and producing complex in Binh Hoa Industrial Park. The establishment will also manufacture industrial glue, medicine, bio-diesel and flour from fish fat.

 

According to Hau, Agifish currently applies a closed production cycle from breeding to processing. This helps the company increase the value of catfish as well as strictly control hygiene conditions.

 

The Vietnam Association of Seafood Exporters and Producers forecast that Vietnam's catfish exports will surpass US$1 billion in 2007, up from $661 million last year.

 

Last year, Vietnam notched up $3.36 billion from seafood exports, registering a 23 percent increase.

 

Demand for Vietnamese catfish is on the rise, including new markets like Russia. The Ministry of Fisheries said some Russian delegates will inspect Vietnam's sanitation conditions at local catfish processing factories.

 

Russia accounts for only 11.2percent of Vietnam's total catfish exports but its orders last year soared by 16 times against 2005.

 

Europe is now the biggest consumer of Vietnamese catfish, accounting for 46 percent of the country's total export revenue.