Cermaq and Anova establish JV in Vietnam
Norwegian fish farming company Cermaq signed a deal with Vietnamese fish feed firm Anova Corporation to create a joint venture in Vietnam focused on feed for farmed Pangasius, in a bid to break into the extensive local market.
Cermaq, through its feed business Ewos AS, has secured 51% of the JV in exchange for an investment of nearly $6 million (€4.5m), consisting in purchase of shares and a share issue.
The Norwegian company will control the board and management of EWOS Vietnam, while Anova Corporation will contribute its plant in the Long Anh province to the venture. The plant has an annual capacity of 85,000 tonnes.
Pangasius is expected to register the highest global growth among the farmed fish species in the next decades, Cermaq said.
The broad competence Cermaq has within salmonids can be successfully transferred to Pangasius, a white fish that has enjoyed tremendous market growth in Europe and the US over the last decade.
Pangasius eats feed made mainly from plants, and can supply significant volumes of animal protein to the global food market.
Vietnam produces around 1.8 million tonnes of Pangasius. The major part of this volume is exported as fillets, reaching 600,000-700,000 tonnes annually. Farming of Pangasius is predicted to expand rapidly over the next decades.
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