IDI's Resilient Growth

In the face of economic challenges, the International Development & Investment Corporation (IDI) remains steadfast in its commitment to expansion, actively constructing its third processing factory set to commence operations next year. Boasting a daily processing capacity of 500 tons, Factory No. 3 will augment IDI's existing facilities, elevating the total processing capacity to an impressive 1,000 tons per day.

IDI is one of companies that enjoy a preliminary preferential tariff of 14 cents from 19th administrative review (POR19) of the United States. The company was absent in the US in many years after the US signed a decree to raise antidumping duty on with Vietnamese seafood products. This difficulty, combined with the 4-year Covid epidemic, caused many businesses to collapse.

Fortunately, the US recently decided to reduce antidumping duty on Vietnamese pangasius. This information increased positive confidence for Vietnam's pangasius exporters, including IDI, and became a driving force for IDI and its peers to start the "engine" that has long been idled. The company embarked construction on the third most modern factory to boost production capacity to meet market needs next year.

“Must be special”

IDI is resolved to complete this project to meet demand in 2024. With a daily capacity of 500 tons, this factory, combined with two other factories, brings IDI's total capacity to 1,000 tons a day.

According to IDI leaders, Factory No. 3 should have been built in 2022. Nevertheless, due to various objective and subjective factors, especially the economic slowdown and shrinking domestic and global markets, it could not be started as scheduled.

Currently, as the domestic and global economies are gradually recovering, for IDI, investment for business rebound is extremely necessary and urgent. “We are determined to make a well-prepared investment. This new factory will bring all the quintessence and experience learned from developed countries to optimize operating processes.

First of all, it is essential to ensure green and eco- friendly principles. Lying in the closed standardized ecosystem of Sao Mai Group, member companies always have very positive expertise exchanges and create great advantages. According to the plan, its factories are largely energized by high-capacity solar power - a way to make the most of clean resources and minimize power cost. This is also an opportunity for Sao Mai Solar - a member of Sao Mai Group - to test its new model. The construction design, undertaken by Astar - an architectural consulting company, is created as IDI's wishes. As for machinery and equipment, IDI will use all new generation machinery and equipment from reputable brands in the world.

As a work to welcome the New Year 2024, Factory No. 3 is currently being urgently deployed. With more modern equipment and bigger scale, the highest possible capacity of this facility will be likely to reach 400,000 tons a year. This meaningful figure boosts the company’s confidence to make inroads into major markets around the world, including the US.

“Recovering strongly from the recession, the market race will get hotter. IDI is resolved to prove to the world its ability to meet market needs and strict requirements,” President of the IDI Board of Directors, said to shareholders and employees at the recent meeting.

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Hoa Hoang (Vietnam Business Forum)