Dutch firm to buy local seafood plant

Can Tho-based Binh An Seafood JSC (Bianfishco) plans to sell its fish processing plant to a finance investment corporation from the Netherlands to pay off debts to its fish providers in March, the company's CEO Tran Van Tri confirmed on March 13.
Can Tho-based Binh An Seafood JSC (Bianfishco) plans to sell its fishprocessing plant to a finance investment corporation from theNetherlands to pay off debts to its fish providers in March, thecompany's CEO Tran Van Tri confirmed on March 13.

Tri, who replaced his wife as company CEO on February 23, said thecompany owes 45 local farmers 261 billion VND (12.4 million USD) for trafish they supplied. On March 13 morning, the company paid its 1,200workers their February salaries, worth 3 billion VND (143,000 USD), headded.

Many company employees remain out of work because of the shortages of materials.

According to the CEO, the company's total properties were audited andsaid to be worth more than 2,700 billion VND (128 million USD), addingthat the company will be able to balance its current debts.

Tri said his business has taken steps to pay off debts and bank loansand will not go bankrupt, since the interest on its bank loans and taxeswill be paid fully and on time.

The company will work with banks to discuss its loans and propose its restructuring plan by March 15.

Bianfishco will also urge its counterparts to pay back their debts to the company in order to help rectify the situation.

Talking with a Vietnam Fatherland Front representative on March 13,farmers are hopeful that they will be paid within the month as promised.They also expressed their wish that the company will resume itsoperations and develop.

Former CEO Pham Thi Dieu Hien is a member of the Front and went abroad for medical reasons in late February.-VNA

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