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Province joins hands with Japanese firms
A joint venture between a Vietnamese company and five Japanese partners in the central province of Phu Yen is expected to facilitate development of the local tuna fishing industry and a brand name for Phu Yen ocean tuna.
The US$2 million firm will be established by the province-based Vinh Sam Company Ptc and five Japanese companies, with the latter contributing $1.2 million, a fish freezing vessel that can preserve fish at minus 60 degrees Celsius, and a 30-tonne transport boat.
The Japanese firms will transfer technology to Vietnamese companies for tuna processing.
Importantly, they will help local companies develop a brand name for the tuna products.
The joint venture will also buy an expected 2,000-3,000 tonnes of tuna each year at $12-20 per kilogramme, depending on quality.
Le Van Truc, Vice Chairman of the Phu Yen People's Committee, said his agency was working with the ministries of Planning and Investment and Agriculture and Rural Development to ensure this JV could start operations by year-end.
Ocean tuna is one of the Phu Yen's most important products.
Since Phu Yen is the leading locality in Viet Nam in ocean tuna fishing, processing, and exports, it is essential for local enterprises to build a brand name for the tuna, according to the Viet Nam Association of Seafood Exporters and Producers.
Phu Yen had paid much attention to promoting tuna products, and it needed to take part in international forums and exhibitions to promote them globally, it said.
Under the National Brand Name Program 2011, the Ministry of Industry and Trade plans to support Phu Yen in developing a tuna brand name, according to the ministry's Trade Promotion Agency
So far this year, the tuna catch landings of the province reached more than 5.61 million tonnes, an year on year increase of 13.8 per cent.
However, with offshore fishing costs accounting for up to 70 per cent of revenues, most of the fishing boats specialising in ocean tuna barely break even.
One of the main reasons is that Phu Yen companies' tuna-processing technologies are poor and lower quality.
As a result, only 30 per cent of the province's catch is good enough for export to European, American, and Northeast Asian markets where prices are highest.
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