Australis to Build Barramundi Farms in Viet Nam

The licence approves the use of more than 200 hectares in central Viet Nam for 25 years.

It will allow Australis to set up a subsidiary within the country and develop an integrated production facility.

Australis said it now intends to establish a barramundi hatchery and offshore grow-out farm.

It is expected that the fish will be exported to North America, Europe and other major markets.

Australis said that the sea leases and the land approvals will allow the company to produce 10,000 tonnes of barramundi a year, within five to seven years.

It said that the site that has been approved by the Vietnamese authorities is protected from storms and is in clean deep water, ideal for growing barramundi.

The new operation is hoped to bring the company a six fold increase in revenue in the next three years.

"After more than 18 months of detailed analysis and extensive negotiations, we are confident that we have secured a very significant asset, which will allow us to accelerate our supply creation initiative," said Australis managing director Josh Goldman.

"The site meets all of our criteria - for product quality, the ability to incorporate world class sustainable aquaculture practices that leverage Australis' proprietary technology, as well as a strong local work force.

"We are very thankful for the support of the Van Phong Economic Zone Board's Board of Management and the Khanh Hoa government during this process."