Japanese-based Mitsui & Co. Ltd said on May 16 it has sealed a 155-billion-USD deal to acquire 35.1 percent of Minh Phu Seafood Corporation – a major shrimp farming business in Vietnam.
Mitsui & Co. has supported Minh Phu to exploit the US and Japanese markets, and now it aims to use the deal as a chance to expand to Russia and China, where seafood demand is rising.
Since 2013, it has invested in Minh Phu Hau Giang JSC, a processing plant affiliated with Minh Phu.
By investing in the parent company, Mitsui will be able to apply modern technology in farming, water quality assessment and supply chain improvement processes to optimise quality and boost Minh Phu’s development.
In its medium-term business strategy, the Japanese firm sees nutritional products and agriculture as a growth pillar. World demand for sustainable proteins is expanding along with global population growth, particularly the middle class.
Minh Phu has four shrimp processing factories and eight subsidiary companies, with its products exported to more than 50 countries and territories worldwide for annual turnover of more than 12 trillion VND (513.6 million USD).-VNA