July 12, 2024

Australis Aquaculture to invest additional $800 million into Vietnamese aquaculture

US-based Australis Aquaculture revealed in mid-June that it was ready to inject a further $800 million into Vietnam's sustainable aquaculture over the coming years.

The company has already invested $200 million in barramundi farming in the country.

Josh Goldman, co-founder and chief exectuive officer of Australis Aquaculture, told VIR that the additional money would be allocated for farming and processing infrastructure, biomass creation, research and development, and the renewal of biomass over time.

"Beyond our current base of operations in the south-central province of Khanh Hoa, we are working to establish Vietnam's first farms in the open ocean, as well as a second regional hub in Kien Giang province," Goldman said.

To develop its sustainable aquaculture model, Australis Aquaculture has spent a decade adapting the technology of the global salmon farming industry to tropical conditions for barramundi in Vietnam.

"Suitable salmon farming ocean sites are almost fully utilised globally. Climate change is contacting the available areas, and there is a 500,000-tonne supply shortfall projected over the coming decade," Goldman said. "Our approach is to leverage salmon industry knowledge and build the supply and demand for barramundi in key markets globally with the aim of establishing barramundi as a tropical salmon.

"Like salmon, this is a very high-quality product enjoyed by consumers across markets, which can play a role in stabilising seafood supply as wild catches decline. This requires a long-term focus to overcome many challenges in establishing a new production sector and educating consumers in our target markets."

- Vietnam Investment Review