Vietnam is committed to diversifying its economy, in part by growing its aquaculture sector and diversifying exports beyond shrimp. But the country’s fishing industry needs investment in modern technologies that are environmentally sustainable and efficient.
Solution and Impact
Financing enabled Australis Aquaculture to create Vietnam’s first open fish farm in Van Phong Bay, where it is raising barramundi, also known as Asian sea bass, a local fish that has a high nutritional value and is enjoying growing popularity around the world. In addition to introducing open aquaculture to Vietnam, enabling fish to swim freely in offshore net pens, the company has adopted fishing techniques that reduce food waste and methane emissions. Australis also worked with a nearby veterinary research institute to manufacture fish vaccines locally.
Today Australis is the world’s largest exporter of Barramundi, which it sells the fish to major retailers including Costco and Whole Foods. The project employs nearly 300 local workers.