Progressing closer toward the goal of building a more sustainable and resilient aquaculture supply chain, Entobel and Vinh Hoan expanded their strategic partnership which includes an offtake agreement by Feed One, a subsidiary of Vinh Hoan, to purchase a substantial volume of insect protein produced at Entobel’s Vung Tau factory in 2024.
This landmark partnership builds upon the global leadership of both companies in developing a more sustainable food system with a lower environmental impact and accelerating the adoption of insect protein in aquaculture.
In addition to the offtake for 2024, through this agreement, Vinh Hoan will purchase a minimum of 15,000 metric tons of insect protein from Entobel over the next three years, from 2025 to 2027.
“Today, in collaboration with Entobel, we are creating a more sustainable and resilient aquaculture value chain with the added benefit of incorporating nutritious aquaculture feed ingredients with demonstrated health and immunity benefits,” said Nguyen Ngo Vi Tam, CEO of Vinh Hoan. “Vinh Hoan recognizes that a crucial element in feeding the world’s growing population while protecting the ocean’s ecosystem and biodiversity is to ensure that aquaculture feed ingredients come from sustainable sources. Accelerating the adoption of Entobel’s insect protein in pangasius production will make it possible for Vinh Hoan to source aquaculture feed ingredients in a more sustainable way and use feed ingredients that are not in direct competition with human nutrition, facilitating a more responsible aquaculture industry.”
In November 2023, Entobel set an industry record with the successful commissioning and scale-up of its production plant in Vung Tau, Vietnam, the largest insect protein production plant in Asia.
“Entobel’s expanded partnership with Vinh Hoan is a decisive boost of confidence in Entobel’s ability to produce insect protein at scale and at cost levels that are competitive to fishmeal today. This partnership will further strengthen our capacity to deliver Entobel’s insect protein to our global customers,” said Gaëtan Crielaard, co-founder and co-CEO at Entobel.
Entobel is targeting the launch of its Series C funding round in Q2 2024 to support its regional growth plans as it prepares to build new facilities in key markets, including Vietnam, Indonesia and Malaysia. Entobel’s plan for rapid regional expansion is underway as the company has successfully de-risked the operational and technological aspects of the business model while demonstrating strong commercial traction for its products.
Feed One, also known as Vinh Hoan Feed, is a subsidiary of Vinh Hoan Corporation. Vinh Hoan owns a 75% equity stake in Feed One. Feed One has a feed mill in My Hiep, Dong Thap province, Vietnam, that produces pangasius aquafeed with a capacity of 350,000 metric tons per year. This site, operating at full capacity since April 2023, aims to improve the quality of pangasius and optimize production costs.
