Binh Dinh Fishery Joint Stock Company (Bidifisco) was set up in 1976. The company faced up with the downgrading threat in 2001 if it did not adopt reshuffle. Everything has been completely changed since Cao Thi Kim Lan took on the directorship.
In 2002, after one year being the director of Bidifisco, Ms Lan decided to rebuild the seafood processing factory. This was the only way to survive and continue operations when hygiene and food safety requirements applied in both domestic and international markets were stricter. Difficulties and challenges were gradually tackled. First of all, Bidifisco used its owner’s equity to rebuild the processing factory. This was regarded as a venture and risky decision but it was the only method to improve the factory to meet the operating requirements as well as hygiene and food safety requirements.
In 2005, after obtaining the EU quality certification for its seafood products, Bidifisco won many contracts with foreign partners. This helped the company to set up business ties and approach new markets. Then, it had more opportunity to access bank loans.
Since 2006, the scarcity of local natural resources triggered negative impacts on Bidifisco. To deal with this, the Board of Directors thought of seeking foreign sources. In early 2007, Ms Lan put for a plan for importing materials and successfully sought bank loans for the plan. The difficulty related to the owner’s equity and the scarcity of materials was basically tackled.
With sound strategies, Bidifisco enjoyed a quick growth period with export revenue increasing from US$5.1 million in 2005 to US$5.2 million in 2006. Especially, in 2007, Bidifisco exported 3,960 metric tonnes of seafood worth of US$17.8 million, a 15-time increase over 2004. The main backing for the marvellous growth is "the solution to import materials" as it ensured stable work for employees and good incomes for the company. In 2007, Bidifisco imported 3,760 tonnes of aquatic materials.
Besides, imported materials not only helped solve the scarcity issue but also increased the value of processed products. In 2007, the value of process products increased 30 per cent. Bidifisco mainly imports big-size sea fish like tuna. With both local and foreign input material sources, Bidifisco can absolutely diversify its products and raise its processing capacity to 3,000 metric tonnes.
Bidifisco has made effort to upgrade the processing capacity. The company invested nearly VND10 billion to build freezing storage facilities and cutters. Only several years later, the firm obtained the HACCP certification and EU standards. Its products can easily penetrate choosy markets like South Korea, Canada, Switzerland, the US and China.
In the first five months of 2008, the company made a total turnover of VND125 billion from shipments of 1,650MT of products. "Because of difficulties in both domestic and international markets, the company only set this year’s growth of 1.2 per cent. It expected to export 4,500MT and earn US$18 million," Ms Lan said.
The Board of Directors has outlined the investment in new storage facilities and production lines. Accordingly, the company will invest VND60 billion to build a processing factory with an output of 5,000 MT, which is expected to start operation in 2009 to bring the total production to 8,000 MT. The company expects to employ 600 workers.
V.H
Vietnamese
