ADB to invest $18 mln in Australis’ Vietnam aquaculture venture

By Thuy Nguyen
Mon, February 13, 2023 | 5:10 pm GMT+7

The Asian Development Bank (ADB) has disclosed its strategic equity investment plan for Vietnam-based Australis Holdings, committing more than $15 million to finance the firm’s climate-smart barramundi and seaweed aquaculture project.

In addition, the bank will provide an additional grant of $3 million for the company’s recent undertakings through its Climate Innovation and Development Fund (CIDF), which is dedicated to supporting sustainable and low-carbon economic development in Southeast Asia, according to an ADB disclosure seen Monday.

An Australis Holdings barramundi farm in Van Phong Bay, Khanh Hoa province, central Vietnam. Photo courtesy of the firm.

An Australis Holdings barramundi farm in Van Phong Bay, Khanh Hoa province, central Vietnam. Photo courtesy of the firm.

ADB says Vietnam’s fishery and aquaculture sector is thriving, with its rich and diverse fish farming culture having earned the nation a valuable position as the fourth-largest seafood producer in the world. However, Vietnam is in dire need of adopting sustainable practices to cultivate biodiversity and the regeneration of indigenous species, while enhancing fisheries’ production.

Seeing the growing potential in the global aquaculture industry, ADB has made that investment decision. “The project will foster technology transfer of best practices in sustainable aquaculture and improve gender equality standards,” the ADB disclosure reads.

“The project is fully aligned with the government of Vietnam’s goal of developing aquaculture in a sustainable manner, with a focus on developing high-level technology farming of major aquatic species for export, protecting the ecological environment, preventing disease, and ensuring food safety.”

Duarte Henriques da Silva, ADB’s Private Sector Operations Department specialist, said, “The project is also aligned with ADB’s sovereign operations in agriculture and natural resources, including the pipeline project, Restoration and Sustainable Management of the Coastal Forests in the Mekong Delta.”

According to Australis Holdings, its climate-smart barramundi and seaweed aquaculture project aims to help foster diversity within the aquatic ecosystem, while increasing high-quality seafood protein production in Vietnam’s fish farming sector, and building climate resilience.

In Vietnam, Australis Holdings places its head office in the central coastal province of Khanh Hoa, home to Van Phong Bay, where it established seaweed aquaculture in 2008. Australis Holdings is part of American firm Australis Aquaculture, LLC - a producer and marketer of ocean-farmed barramundi.

Comments (0)
  • Read More
E-visas available at all Thai embassies, consulates from January 1, 2025

E-visas available at all Thai embassies, consulates from January 1, 2025

Intending visitors to Thailand will be able to apply online for an e-visa at Thai embassies and consulates worldwide from January 1, 2025.

Southeast Asia - Thu, December 19, 2024 | 8:04 pm GMT+7

Indonesia rolls out $51.65 bln stimulus package for 2025

Indonesia rolls out $51.65 bln stimulus package for 2025

The Indonesian government has unveiled a series of economic stimulus packages totaling Rp827 trillion ($51.65 billion) for 2025, designed to mitigate economic shocks and address the weakening purchasing power of low- and middle-income groups.

Southeast Asia - Thu, December 19, 2024 | 8:03 pm GMT+7

Malaysia accelerates electric vehicle growth

Malaysia accelerates electric vehicle growth

Malaysia’s electric vehicle (EV) industry is accelerating, with over 100,000 electrified vehicles recorded and more than 3,300 charging stations established nationwide to date, positioning the country as a key regional hub for EV innovation.

Southeast Asia - Thu, December 19, 2024 | 8:00 pm GMT+7

EV maker VinFast plans $140 mln resort project in northern Vietnam

EV maker VinFast plans $140 mln resort project in northern Vietnam

VinFast, an electric vehicle maker under Vietnam’s private conglomerate Vingroup, seeks to build a resort-recreation-park project worth VND3.5 trillion ($137.5 million) in the northern coastal city of Hai Phong.

Real Estate - Thu, December 19, 2024 | 7:57 pm GMT+7

Chinese investment capital shifts to green energy, electronics, automobiles: official

Chinese investment capital shifts to green energy, electronics, automobiles: official

Chinese direct investment in Vietnam has traditionally focused on the manufacturing sector and it is now transitioning toward green energy, electronics, and automobiles.

Industries - Thu, December 19, 2024 | 4:30 pm GMT+7

BP seeks to help long-delayed power plant in central Vietnam with coal-to-LNG conversion

BP seeks to help long-delayed power plant in central Vietnam with coal-to-LNG conversion

British oil-gas giant BP seeks to help the Cong Thanh coal-fired power project in Thanh Hoa province with its transition into an LNG-fired plant, said Chris Bramley, vice president of integrated gas & power at BP.

Energy - Thu, December 19, 2024 | 3:48 pm GMT+7

Vietnam refinery operator BSR plans listing in Jan next year

Vietnam refinery operator BSR plans listing in Jan next year

Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery Dung Quat, plans to list its shares on the Ho Chi Minh Stock Exchange (HoSE) on January 17, 2025.

Companies - Thu, December 19, 2024 | 3:23 pm GMT+7

The 'key' that helps Phu Quoc make a 'leap' to become global destination

The 'key' that helps Phu Quoc make a 'leap' to become global destination

The famtrip “Journey to Paradise Island” from December 4-6, 2024 has brought Phu Quoc to the center of attention of the tourism industry in the world.

Travel - Thu, December 19, 2024 | 2:10 pm GMT+7

Dollar index reaches 2-year high, Vietnam’s exchange rate hits new peak

Dollar index reaches 2-year high, Vietnam’s exchange rate hits new peak

The exchange rate in Vietnam made a new peak on Thursday as the State Bank of Vietnam, the country’s central bank, increased its central exchange rate by VND26, or 0.11%, to VND24,304 per USD.

Banking - Thu, December 19, 2024 | 11:59 am GMT+7

Chip giant Synopsys opens office in Hanoi, fourth in Vietnam

Chip giant Synopsys opens office in Hanoi, fourth in Vietnam

Synopsys, a leading chip business based in California, opened its Hanoi office on Wednesday, the fourth in Vietnam after two in Ho Chi Minh City and one in Danang city, furthering its involvement in Vietnam’s semiconductor sector.

Companies - Thu, December 19, 2024 | 11:32 am GMT+7

Eleven people die as coffee shop in Hanoi burnt

Eleven people die as coffee shop in Hanoi burnt

Legal proceedings have been launched against a man in Hanoi who burnt down a coffee shop with gasoline in late evening Wednesday, killing 11 people.

Society - Thu, December 19, 2024 | 8:35 am GMT+7

Vietnam to be key link in global LNG chain on rising demand: experts

Vietnam to be key link in global LNG chain on rising demand: experts

Vietnam is emerging as a potential LNG importer and expected to become a key link in the global LNG chain, says Nguyen Duc Tung from the Vietnam Institute of Strategy and Policy for Industry and Trade.

Energy - Thu, December 19, 2024 | 8:16 am GMT+7

Latvian man sentenced in Vietnam for operating loan shark ring with 1,380% interest rate

Latvian man sentenced in Vietnam for operating loan shark ring with 1,380% interest rate

Aigars Plivěs, a Latvian national, on Monday was sentenced to two years and nine months in prison for operating three companies that offered loans with high interest rates of 401-1,379.7% per year, earning illicit gains of more than VND4.15 trillion ($163 million).

Society - Wed, December 18, 2024 | 10:37 pm GMT+7

April Tea Shop to close down amid F&B sector woes

April Tea Shop to close down amid F&B sector woes

The Tiem tra thang 4 (April Tea Shop), a popular check-in and beverage destination for young people in Ho Chi Minh City, has announced it will shut down on December 25, ending a five-year journey.

Companies - Wed, December 18, 2024 | 9:56 pm GMT+7

New tourism trends seen in Thailand

New tourism trends seen in Thailand

Thailand is gearing up to attract more luxury and high-spending travellers in a bid to stimulate post-pandemic expenditure.

Southeast Asia - Wed, December 18, 2024 | 9:37 pm GMT+7

Thailand to allow more foreign workers in business

Thailand to allow more foreign workers in business

The Thai cabinet has approved in principle increasing the number of foreign workers at businesses to deal with labour shortage, according to Thai government spokesman Jirayu Huangsab.

Southeast Asia - Wed, December 18, 2024 | 9:25 pm GMT+7