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Monday, December 5, 2022

IDI to start work on its third seafood plant project in June

The Saigon Times

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HCMC – I.D.I International Development & Investment Corporation, whose shares are listed on the Hochiminh Stock Exchange under the ticker IDI, will break ground for its third seafood factory in June, readying itself for stepping up seafood exports to the United States.

The plant is expected to process 500 tons of fish per day, the local media reported.

Nguyen Thanh Hai, deputy general director of IDI, said the U.S. market is crucial for Vietnam’s tra fish export, so the firm is preparing a long-term plan to tap this huge market.

The firm is working with some local exporters to ship fish and fish fillet to the United States. Between 2012 and 2016, IDI enjoyed a soft tariff when exporting fish fillet stateside, but the firm lost a lawsuit against an anti-dumping case of tra fish later, thereby pulling out of the U.S. market.

The firm is planning to ask the U.S. authorities to allow it to restart fish sales to the market.

At the stock trading session today, IDI added 1.7% at the close, higher than the market average.

Regarding the market performance today, May 30, many large-cap stocks pushed the VN-Index up 8.47 points, or 0.66%, from the session earlier, at 1,293.92, helping the southern bourse to stay on the upward trend, with 289 gainers and 145 losers.

There were 587.2 million shares worth VND16.5 trillion changing hands, down 3.3% in volume and 2.5% in value from the previous session.

In the VN30 basket, as many as 18 stocks gained ground, with low-cost carrier VJC reporting the sharpest growth.

On the Hanoi Stock Exchange, the HNX-Index improved 1.6 points, or 0.52%, from the previous session, at 312.77.

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