GenoMar Genetics opens subsidiary in Vietnam
The company plans to build two hatcheries in Tay Ninh province and in Northern Vietnam to serve Vietnamese tilapia farmers.
GenoMar Genetics opened a wholly-owned subsidiary in Vietnam. The company will serve the Vietnamese tilapia farmers with high-quality genetic material as well as explore opportunities in the wider aquaculture genetics field.
“After a successful deployment of our business in the Latin America region, we are ready to gear up efforts in Asia,” said Alejandro Tola Alvarez, CEO in GenoMar Genetics Group. “Vietnam is the first flag we have planted in Asia in recent times, and we hope it will be the beginning of an expansionary effort in the region in coming years. 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.” GenoMar Genetics is also well established with the production of tilapia fingerlings in the Philippines and Malaysia.
Supply of locally produced tilapia fingerlings
With a capacity to produce 50 million fingerlings per year in phase 1, GenoMar Genetics Vietnam will supply the domestic market with year-round, fast-growing and robust tilapia fingerlings of the GenoMar brand.
“Today, 80% of the tilapia fingerlings are imported from China with the subsequent vulnerabilities that come with it, including supply disruptions and biosecurity issues. Our company arrives at the right time to supply the industry with year-round, disease-free, locally produced excellent genetics,” said Nguyen Van Trung, general manager in GenoMar Genetics Vietnam.
Two hatcheries planned in Vietnam
The first hatchery center located in the Tay Ninh province is under construction and will deliver the first products to market in Q3 2021. It will be equipped with modern features for optimal biosecurity and high technology systems. “We are planning for a second hatchery in Northern Vietnam to be in operation by Q1 2022 ahead of the peak season in 2022,” said Nguyen Van Trung.
The Tay Ninh facility will bring 30 jobs to the local community and Vietnamese customers will receive technical service from the GenoMar customer support team, who will work regularly with them to optimize the genetic potential of the GenoMar fingerlings and strengthen their business success.