April 12, 2022

 

Vietnam shrimp exporter FIMEX VN sales up 39% in first three months of 2022

 

 

The Vietnam Association of Seafood Exporters and Producers (VASEP) said FIMEX VN sold about US$58.7 million in shrimp exports between January to March this year, 39% higher year-on-year and a quarter of its annual sales plan, Fish Information & Services reported.

 

The company announced its March 2022 sales hit US$18.5 million, 6% higher compared to March 2021. Its finished shrimp products reached about 1,960 tonnes compared to 1,489 tonnes in the same period last year.

 

FIMEX VN expects consolidated sales of US$30 million in 2022, up 11.3% from 2021. The company's profit before tax is estimated to be at least VND 320 billion (~US$13.9 million; VND 10000 = US$0.44) , up 10.7% from 2021. As a result, FIMEX VN has achieved around 25.5% of its annual sales objective between January to March this year.

 

According to the latest report from SSI Research, FIMEX VN may focus on its main export market, Japan, in 2022. This is due to lower competitiveness, a higher average selling price, Japan's preference for value-added products, and lower transportation costs. Japan accounted for 28% of total export turnover in 2021

 

FIMEX VN also signed a new deal with Costco, indicating that demand in the United States remains robust.

 

FIMEX VN shrimp sales are expected to expand by 20% in 2022, while the average selling price of shrimp will rise by 2.5% over the same period. Despite the fact that raw shrimp prices do not change as much as pangasius, FIMEX VN expects to increase its gross profit margin in 2022 from 10.2% in 2021 to 11% in 2022 as the Japanese market expands.

 

FIMEX VN ranked fourth among the country's shrimp exporters last year with US$166 million in shrimp sales.

 

-      Fish Information & Services

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