July 31, 2019

Vietnam-Australia joint venture invests US$30 million in marine farming

Kien Giang's authorities in southern Vietnam have granted the approval for a US$30 million marine farming project of Mavin Group at an investment promotion conference on July 29, Vietnam News Agency reported.

The 2,000-hectare seafood farming centre is expected to produce 30,000 tonnes of saltwater fish for export each year, when it becomes operational by 2021.

Modern marine farming technologies, including environmental protection and origin traceability, will be ensured to meet the European Commission's recommendations to Vietnam about combating illegal, unreported and unregulated fishing.

Aside from this project, Mavin has also signed memoranda of understanding on several others with Kien Giang province, including a breeding centre for mariculture, an aquaculture feed factory, and a seafood processing plant.

The total investment in these projects amounts to US$50 million, the firm said, noting that they will help it complete the production chain to optimise the manufacturing process and minimise cost.

They will also help turn Kien Giang into a major marine fish farming and processing hub in Southeast Asia, Mavin added.

Besides marine farming, this group is investing in some freshwater fish farming facilities in the Hoa Binh and Tuyen Quang hydropower reservoirs in the northern region. It is also running several animal feed, veterinary medicine and food processing factories in the provinces of Hung Yen, Ha Nam, Nghe An, Binh Dinh, Tien Giang and Dong Thap.