Vietnam shrimp farming platform Tepbac raises $2.25 mln
Vietnam-based Tepbac has received $2.25 million in a pre-series A funding round led by Dutch aquaculture investor Aqua-Spark that will help the shrimp technologist digitize and scale up Vietnamese shrimp farm production.
AgFunder, a Silicon Valley-based venture capital (VC) firm focusing on foodtech and agtech, and Son-Tech Investment, a $50 million Vietnam-focused VC company, participated in the round. Son-Tech targets edutech, fintech, logistics, entertainment, digital health or consumer tech startups.
AgFunder, an existing investor in Tepbac, revealed the latest funding round Friday, saying Tepbac will use the funding to scale its suite of technologies to help farmers simplify shrimping operations, save costs and improve decision-making. Tepbac was among the 10 startups selected for AgFunder’s GROW Impact Accelerator 2022 cohort.
Vietnam is one of the top five shrimp producers globally, with exports growing 11% year-over-year to hit $4.3 billion in 2022, according to the Vietnamese Association of Seafood Producers and Exporters. The country plans to triple production in the future.
Tepbac began life as an aquaculture media platform in 2012 and is now a leading aquaculture knowledge platform that includes the latest news on the aquaculture industry, seafood prices and a library of information to help farmers.
In 2017, the company launched Farmext, a technology platform including hardware and software deployed across Vietnam’s aquaculture supply chain to help farmers reduce risks associated with shrimp farming. The system includes a remote-controlled auto feeder, a water quality monitoring device and software that helps farmers track farm data and automate their operations to save on labor and energy costs.
Tepbac also claims to have cheaper options compared to its counterparts, and its solutions can be used not just for shrimp but for other marine fish too. Additionally, farmers can keep a ‘farming diary’ to track data on feed and other elements; Tepbac’s software analyzes this data to estimate operational costs and expected profit.
The company says it has already reduced farmers’ costs by 20% and increased profits by 30%.
- Read More
Vietnam Jan-April auto sales down 11% to 82,515 units
Affiliates of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 82,515 units in the first four months of 2024, down 11% year-on-year.
Companies - Sat, May 11, 2024 | 8:33 pm GMT+7
Indians bargain, use third-party referrals: Singapore expert
Indians love to bargain and third-party referrals can play an important role, says Chia Zhi Wei, a Singaporean trade promotion expert on doing business with India.
Companies - Sat, May 11, 2024 | 8:19 pm GMT+7
Four more people arrested in banker-led forgery ring
Hanoi police have arrested four more people for suspected involvement in a banking scam related to falsifying seals and documents of organizations and institutions to steal money.
Society - Sat, May 11, 2024 | 3:52 pm GMT+7
SCG aims to fire up $5.4 bln Long Son Petrochemicals Complex in August
The $5.4 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau is set to restart activities in July-August for a final test run before commencing commercial operations in August.
Industries - Sat, May 11, 2024 | 2:48 pm GMT+7
Vietnam banks lift deposit interest rates
More than a dozen small- and medium-sized commercial banks in Vietnam have raised deposit interest rates since the start of this month, commonly by 20-30 basis points.
Banking - Sat, May 11, 2024 | 11:01 am GMT+7
Korea’s Hyosung eyes ATM production, data center in Vietnam
Multi-industry conglomerate Hyosung, the third largest South Korean investor in Vietnam after Samsung and LG, plans to manufacture automated teller machine (ATMs) and build a large data center in Ho Chi Minh City.
Industries - Sat, May 11, 2024 | 10:05 am GMT+7
State Securities Commission names new vice chairman
Bui Hoang Hai, general director of the State Securities Commission’s (SSC) securities public offering management department, has been appointed vice chairman of the commission.
Finance - Sat, May 11, 2024 | 9:21 am GMT+7
Apartment segment recovers in southern Vietnam, land plots sluggish
April saw marked improvement in the supply and absorption of apartments in Ho Chi Minh City surrounding areas, but trade in land plots remained sluggish, says a new report.
Real Estate - Sat, May 11, 2024 | 8:01 am GMT+7
Firms with 500,000 kWh per month minimum consumption to become DPPA buyer: draft rule
Only firms consuming at least 500,000 kWh per month will qualify as buyers under the latest draft decree on direct power purchase agreements (DPPAs).
Energy - Fri, May 10, 2024 | 10:30 pm GMT+7
Thailand closes island to reduce coral bleaching
Although it is currently the tourist season, Pling Island in Southern Thailand has been closed since May 9 to allow the natural environment to have more time to recover after the discovery of extensive coral bleaching.
Southeast Asia - Fri, May 10, 2024 | 10:23 pm GMT+7
China-invested electronics firm Guoguang to invest $40 mln in central Vietnam
Gouguang Electric (Vietnam) Company Limited, under Chinese giant Guoguang Electric Co., Ltd. (GGEC), is set to invest $40 million in building a factory in Vietnam’s central province of Quang Nam.
Industries - Fri, May 10, 2024 | 7:54 pm GMT+7
Vietnam agribusiness Hoang Anh Gia Lai sees lower profit this year
Hoang Anh Gia Lai, a leading agricultural group Vietnam, has targeted an after-tax profit of VND1.32 trillion ($51.85 million) this year, down 26% year-on-year, as it plans greater livestock farming investments.
Companies - Fri, May 10, 2024 | 5:47 pm GMT+7
ASEAN, India rise in supply chain priority: survey
Global business leaders are increasingly looking to India and Southeast Asia as alternative supply chain destinations while trade relations between China and the U.S. deteriorate, according to a poll by PwC published on Thursday.
Southeast Asia - Fri, May 10, 2024 | 3:44 pm GMT+7
Finnish fund Pyn Elite's investment performance drops 8.2% in April
Finland’s Pyn Elite Fund saw its investment performance in Vietnam decline 8.2% month-on-month in April, driven by short-term profit taking in banking stocks and a weaker Vietnamese dong (VND).
Finance - Fri, May 10, 2024 | 3:41 pm GMT+7
Thailand Kasikornbank’s Vietnam branch sees 2023 loss widen to $7.4 mln
The Ho Chi Minh City branch of Thailand’s Kasikornbank Public Company Limited (KBank) recorded a post-tax loss of $7.4 million in 2023, tripling from $2.5 million in 2022.
Banking - Fri, May 10, 2024 | 3:14 pm GMT+7
Vietnam aviation stocks take off on rising profits, tourism recovery
Stocks in Vietnam’s aviation service firms and airlines rallied in the first quarter of 2024 thanks to rising profits from an increase in the number of international passengers and high air fares.
Finance - Fri, May 10, 2024 | 2:59 pm GMT+7