Years of establishment and development


It started up with an initial capital of the equivalent of $1,940,000 as of 2003, and with a group of leadership team dispatched as key personnel mostly from the mother company, Sao Mai Corporation, during start-ups;

 

Acquiring nearly 23 hectares of land in Lap Vo, Dong Thap, the company has established on it an industrial productive compound for fish and fish add-value chain, starting in 2006 with the work of clearance, paying compensation for resettlement of the occupied inhabitants, paying the way for land leveling. It labeled 'Vam Cong Industrial Area' named after the ferry 'Vam Cong', which shuttling back and forth passengers and vehicles across the Mekong river flowing between the two opposite An Giang and Dong Thap.

 

At first we built up a fish filleting plant, which became open in 2008, with a capacity of 300 TPD (ton per day) of fresh fish as material input, and a cold storage capable of 4,600 tons. And by 2010, we expanded with one more line, summing up to 600 TPD to adapt to the market demand. Up to now, the company has enlisted among the five leading producers and exporters in frozen fillets.

 

To ensure the supply of raw material, we do cultivate at our own ponds, which entitling G.A.P. standard with 6 hectares of land by company self to cultivate the crops, and also cooperated by a long-term contract with farmers to expend the acres of 76 hectares.   

 

We also built in the same time a plant for fish meal and crude fish oil, with material from fish residual after filleting process for animal feeds. It was put in operation in 2009 with capacity of 150 TPD. And further, to adapt to the market demand increasingly, the board has invested two lines more pushing the volume up to 450 TPD by this year.

 

In particular, attemping to triggering the value chain to this fish species and cultivation, which is exclusively ever in the Mekong region, and with the esteemed support of those experts from Desmet industrial technology in Europe for food grade application, we started a research on how to refill the value from oils into food grade for human consumption. Because this fish embodies a significant compo of nutrious contents in it such as DHA, EDP, and other amino acids which proven useful for renal and cerebral system in human beings. Since then, the project has been developed with a result of started plant in 2011 with capacity of 100 TPD with invested 300 bil. VND at early stage and will expand to 200 TPD after two years. The plant has 23,450 sqm land of use. It will be in operating in 2013.

 

Table 1: Extracted major financial figures in VND

 

Year

Registered capital

Turnover

Profit after tax

VND

+/-

VND

+/-

VND

+/-

2008

228,107,040,000

-

281,229,121,757

-

26,640,937,591

-

2009

228,107,040,000

-

703,967,070,573

250%

33,137,052,599

124%

2010

380,000,000,000

167%

946,691,519,106

135%

91,642,076,105

277%

2011

380,000,000,000

-

1,097,473,165,478

116%

39,609,103,424

43%

2012

380,000,000,000

-

1,331,157,378,976

121%

36,589,044,556

92%

 

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