‘Shrimp king’ Minh Phu, Shiok Meats to develop R&D facility in Vietnam

Vietnam’s leading shrimp exporter Minh Phu Seafood has signed a deal with Singapore-based cultivated meat and seafood firm Shiok Meats to carry out research and development on cell-based shrimp products.

Under a Memorandum of Understanding (MoU) signed Wednesday, the two companies will jointly establish an R&D center in Vietnam and explore opportunities to develop, produce, market and distribute cultivated shrimp products.

“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 Meats chairwoman and group CEO Sandhya Sriram.

“Our satellite R&D facility in Vietnam will focus on high quality cultivated shrimp research and technology,” she said. Information about the facility's location is not yet available.

The collaboration will also include working on a feasibility study for commissioning and operating plants to produce cultivated crustaceans in Vietnam, a joint press release said. However, the future factory sites were not mentioned and both sides did not disclose planned investments for the new partnership.

Shiok Meats currently operates two satellite R&D facilities in Thailand and Australia. Founded in 2018, the firm raised in 2021 a bridge funding round bringing the total raised capital to about $30 million. It is now building its pilot production facility in Singapore, which will speed up large-scale manufacturing capabilities.

Minh Phu has been Vietnam’s largest shrimp producer and exporter for several years. Based in the Mekong Delta’s Ca Mau Province, the company has in recent years focused investments on upgrading shrimp farming technology. It’s main export markets are the U.S., European Union, Australia, New Zealand, Japan and Canada.