GenoMar Genetics is opening a new wholly-owned subsidiary in Vietnam, providing tilapia farmers in the country with high quality genetic material as well as exploring opportunities in the wider aquaculture genetics field.
The expansion in Asia follows a successful deployment of business in Latin America together with a well-established presence producing tilapia fingerlings in the Philippines and Malaysia.
“Vietnam is the ‘first flag’ we plant in Asia in recent times, and we hope it will be the beginning of an expansionary effort in the region in coming years,” said Alejandro Tola Alvarez, chief executive of GenoMar Genetics Group.
“We have been looking at the Vietnamese market for quite some time and saw an opportunity to establish ourselves as a reliable, high quality local supplier of superior genetics,” he added.
At the moment, 80% of tilapia fingerlings are imported from China, a practice vulnerable to supply disruption and biosecurity problems. A factory in the region can help mitigate this, supplying 50 million GenoMar brand fingerlings per year in phase 1.
Two hatcheries are planned, the first, located in the Tay Ninh province, is already under construction, creating 30 jobs in the region and delivering the first products in Q3 this year. The second, planned for northern Vietnam, is to be in operation by Q1 next year ahead of the peak season in 2022.