The Master of Vietnam’s Sole Indigenous Shrimp Feed Brand Seeks Investment Opportunities in the Solomon Islands

GrowMax has made waves as the only Vietnamese brand in the global shrimp feed market. Just five years after its establishment, the company rose to the second position in the market, surpassing 24 foreign brands in Vietnam. This remarkable feat can be attributed to their adoption of advanced science, technology, and innovation in both production and farming practices.

Mr. Mai Van Hoang, CEO of GrowMax, a leading shrimp feed and processing company with a 20% domestic market share, is now eyeing investments in the Parent Shrimp sector in the Solomon Islands. The goal is to bring these parent shrimp back to Vietnam for breeding purposes, reducing the current reliance on imports.

Sharing his insights, Mr. Hoang remarked, “Over the past three decades since the industrialization of shrimp farming in Vietnam, locals have gradually mastered the production processes in the shrimp industry, including shrimp breeding, medicine production, farming practices ranging from extensive to intensive methods, and shrimp processing for export. However, when it comes to shrimp feed, no Vietnamese enterprise has truly dominated the market.”

According to Mr. Hoang, the investment plan in the Solomon Islands stems from the need for a robust and disease-free parent shrimp center that can supply Vietnam’s shrimp breeding industry.

This fundamental requirement includes a high-quality parent shrimp center, followed by a fishmeal factory—an essential ingredient in shrimp feed production. Mr. Hoang explained, “The Solomon Islands boast an abundance of seafood, especially fish, which is a key ingredient in shrimp feed. Currently, we import high-quality fishmeal from Chile and Peru annually, but even this source is becoming scarce.”

Additionally, there are concerns about quality. “The fishmeal used in shrimp feed production requires a very high TVN (Total Volatile Nitrogen) level,” emphasized Mr. Hoang. “Chile and Peru currently offer the best fishmeal globally because they have fishing vessels that process the catch immediately at sea, ensuring freshness and promoting optimal shrimp growth.”

In contrast, Vietnam’s offshore fishing trips can last for weeks or even a month before the catch is brought back for processing, compromising the freshness of the raw material.”

Beyond its seafood resources, the Solomon Islands also present attractive natural conditions and policies conducive to shrimp farming and processing. Another significant competitive advantage is the Australian government’s subsidy for products manufactured in the Solomon Islands, opening up vast opportunities for shrimp production aimed at the Australian and international markets.

The Solomon Islands are developing a Special Economic Zone (SEZ) with flexible and favorable policies to encourage business investments. On May 30, SI Group, a Vietnamese company specializing in global immigration and investment solutions, and the Government of the Solomon Islands signed a Strategic Cooperation Memorandum of Understanding (MOU). As per the agreement, SI Group will serve as a strategic advisor and preferred investor in developing and internationally promoting the nation’s first Special Economic Zone (SEZ).

This MOU paves the way for a more detailed investment agreement, which will be finalized and submitted to the Solomon Islands government for official approval.

Mr. Phan Nhat Minh, Chairman of SI Group’s Board of Directors, underscored, “In the context of escalating global trade wars, the Solomon Islands remain relatively unaffected by US tariff policies. This nation, though underdeveloped, holds immense potential in areas such as fisheries exploitation and aquaculture, mineral resources exploitation, and tourism.”