Shiok Meats Pte. Ltd. (Shiok Meats) and Minh Phu Seafood Joint Stock Company (Minh Phu Seafood) have signed an MOU to cooperatively carry out research and development (R&D) in the production of sustainable seafood. This includes an R&D facility in Vietnam.
Both companies confirmed its intention to pave the way for conventional seafood companies to "leverage cutting-edge cultivated seafood technology to offer a diversified portfolio of both conventional and cultivated seafood".
Also, the collaboration includes working on a feasibility study of commissioning and operating plants to produce cultivated crustaceans in Vietnam.
Regarding this announcement, Dr. Sandhya Sriram, Group CEO, Chairman & Co-Founder of Shiok Meats, said: "Setting up a joint R&D facility with Minh Phu Seafood is a major milestone for us."
"Our satellite R&D facility in Vietnam will focus on high-quality cultivated shrimp research and technology," she added.
Currently, Shiok Meats operates two satellite R&D facilities, one in Thailand and another one in Australia. In 2021, Shiok Meats had raised a bridge funding round bringing the total raised capital to approximately US$30 million.
Moreover, the company is now building its pilot production facility in Singapore, which will speed up large-scale manufacturing capabilities. The company is on track to launch the world's first cultivated shrimp in at least one premium restaurant in Singapore by 2023.
Shiok Meats is a cultivated meat and seafood company – the first of its kind in Singapore and South-East Asia. The company also owns SEA's first cultivated red meat company, Gaia Foods. The aim is to bring delicious, sustainable, and healthy seafood, using our technology to grow meat from healthy cells instead of animals.
Currently, it produces crustaceans like shrimps, crabs, and lobsters and is the first in the world to do so using cellular agriculture technology. Its meats are animal-, health- and environment-friendly.
Minh Phu Seafood Joint Stock Company is a Vietnam-based company primarily engaged in shrimp processing. Minh Phu's mission is to provide the global market with the best, freshest, and most nutritious Vietnamese shrimp products.
Currently, Minh Phu is the leading shrimp producer in Vietnam. It has been developing the integrated shrimp value chain from the hatchery, farming, processing, logistics, import, distribution, and retail.
