June 2, 2006

Agifish reports strong growth in fish exports
 

Vietnamese seafood processor Agifish recorded a 120 percent on-year increase in its first quarter tra and basa catfish exports, due to strong demand.

General director Ngo Phuoc Hau said the company's tra and basa sales in the first quarter totaled 5,280 tonnes worth VND306 billion (US$19 million).

The company sold VND850 billion (US$53 million) worth of tra and basa last year.

Exports make up 70 percent of total sales, which are sent mostly to the US, EU, Australia, the Middle East and Hong Kong.

Agifish also has a high penetration in the Vietnamese market.

The company is issuing new shares for a VND100 billion (US$6 million) processing factory in the Mekong Delta province, where 70 percent of the country's catfish are produced.

This would be the company's second factory and would be able to process around 50,000 tonnes of catfish a year, thus helping to double the company's annual processing capacity.