August 2, 2022
Shiok Meats in joint effort to set up cell-cultured shrimp facility in Vietnam
Vietnam-headquartered Minh Phu Seafood and Singapore-based cell-cultured meat and seafood producer Shiok Meats have signed a memorandum to collaborate on research and development.
The two companies will establish a joint R&D facility in Vietnam, according to a joint statement released on July 27.
Based on the MoU, the two sides will continue to discuss the establishment of the joint facility, Minh Phu chief executive officer Le Van Quang told SeafoodSource, without providing any timeframe for construction to begin.
The collaboration with the cell-cultured shrimp start-up will help conventional seafood producer Minh Phu take advantage of advanced cell-cultured seafood technology to create a more-diversified portfolio, Minh Phu said.
Through the joint R&D facility, Shiok and Minh Phu will collaborate in the development, production, marketing and distribution of cell-cultured shrimp products. The companies are also studying the feasibility of building a manufacturing plant to produce cell-based products in Vietnam.
The companies' collaboration is in line with Minh Phu's strategy to apply advanced technologies in the production of seafood for the sustainable development of the industry, Quang said.
"Setting up a joint R&D facility with Minh Phu Seafood is a major milestone for us. Our vision has always been collaborating with established seafood companies and hatcheries to add variety to the portfolio and food security narrative through aquaculture innovation, research, and tech transfer," said Shiok Group CEO, chairman and co-founder Sandhya Sriram. "Our satellite R&D facility in Vietnam will focus on high-quality cultivated shrimp research and technology."