The pangasius fish giant will form a strategic partnership with Avant to accelerate commercialisation of cultivated fish products on a global scale
Vinh Hoan Corporation (VHC) has agreed to acquire Vinh Technology Pte Limited, a Singaporean company that holds a minority interest in Avant Meats, the Hong Kong-based cell-based seafood start-up.
Headquartered in Cao Lanh City, Vietnam, VHC is the world’s largest pangasius fish company and a pioneer in sustainable, functional proteins in Vietnam.
Following the acquisition, VHC will establish a strategic partnership with Avant to accelerate commercialisation of cultivated fish proteins by leveraging on its global sales network and industrial manufacturing capability.
VHC will also use Vinh Technology division to access strategic opportunities in agrifoodtech and biotechnology related to seafood and alternative proteins.
This strategic partnership provides an example of how Avant’s biotechnology platform can collaborate with industry players to diversify business and operational model.
“We look forward to working with Avant to commercialise a new generation of cultivated fish proteins for food and functional applications,” said Khanh Truong, founder and chairwoman of VHC.
Tam Nguyen, chief executive officer of VHC, added: “Avant offers a unique opportunity for us to diversify our future product portfolio to offer additional choices to address emerging consumer needs and trends,”
Avant will continue to work with industry partners to offer a sustainable model to produce alternative proteins.
“VHC is a global leader in aquaculture and functional proteins,” said Carrie Chan, co-founder and Chief Executive Officer, Avant. “VHC’s knowledge of customer requirements will provide valuable guidance for our product development and commercialisation.”
Dr Mario Chin, co-founder and chief scientific officer of Avant added: “Avant and VHC align in common value of offering fully traceable and research-based functional protein products.”
Avant is the first cultivated meat biotechnology company in China. Its patent-pending proprietary technology platform produces animal-free fish proteins for food, skincare, and other functional applications in a cost-effective and fully traceable bioprocess, directly from fish cells.
Vinh Hoan operates four divisions: Vinh Aquaculture, Vinh Foods, Vinh Wellness, and Vinh Technology. The corporation was founded in 1997.
Date published: 25 January 2021