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September 12, 2015

Vietnam

Phuong Nam Seafood’s Shrimp Farming Plans

 

   

Vietnamese shrimp processing company Phuong Nam Seafood has ambitious plans for expansion into shrimp farming, as it recovers from a $36.7 million fraud scandal.  A few years ago, Phuong Nam was at the heart of what is thought to be one of the Vietnam’s most serious corruption cases.  In August 2015, twenty-five bankers were sent to jail for their parts in illegally lending nearly $35.7 million to Phuong Nam, which went bankrupt in 2012 with debts of more than $75 million.

 

Back then, Phuong Nam sourced its entire shrimp from Vietnamese farmers, with no farms of its own.  That is all set to change.  At the recent Vietfish event in Ho Chi Minh (August 24–26, 2015), Phuong Nam said it was due to begin harvesting from its own, new shrimp farm in 2016, a vertically-integrated farm with advanced shrimp farming technology.  Phuong Nam lists Costco, Walmart and Mitsubishi among its customers.

 

Its long-term plan includes 1,000 hectares of shrimp farms, utilizing recirculation aquaculture systems.  The farm it intends to begin harvesting from in 2016 hopes to supply its Soc Trang Province processing plant with 50% of its product.

 

At present, Phuong Nam has 11 hectares of shrimp ponds, where it’s testing its new technology.  It’s working with what it calls a “world leader” in water treatment, the Norwegian firm Kruger Kaldnes—part of the global water and energy firm Veolia Group.  With its new technology it hopes to harvest seven shrimp crops a year.

 

Currently, Phuong Nam is owned by the banks.

 

Information: Phuong Nam Seafood, 234 Ngo Tat To Street, Ward 22, Binh Thanh District, Ho Chi Minh City, Viet Nam (phone 083-8404668, fax 083- 8404098, email emailsales@phuongnamseafood.vn, webpge http://phuongnamseafood.vn/en/home).

 

Source: Undercurrent News [eight free news reads every month].  Editor, Tom Seaman (undercurrent@undercurrentnews.com).  Walmart, Costco Shrimp Supplier Aiming High After $36m Fraud Scam.  Neil Ramsden (neil.ramsden@undercurrentnews.com).  September 10, 2015.

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