Japanese firm Mitsui & Co has agreed to acquire 35.1% equity interest in shrimp producer and processing firm Minh Phu.

Based in Vietnam, Minh Phu operates two processing plants and shrimp farms that are spread across nearly 900 hectares.

Accounting to nearly 20% of Vietnam’s total shrimp exports, Minh Phu vertically integrates all stages from shrimp farming to processing and sales. Its products are exported to 50 countries across the globe, of which the majority of the produce is exported to the US and Japanese markets.

Mitsui invested in Minh Phu Hau Giang (MPHG), a joint stock company, as well as a processing plant that is affiliated with Minh Phu.

Since the creation of the joint stock company, Mitsui has contributed to optimising management and operations of MPHG.

The investment in the parent company will allow the company to implement new initiatives created within MPHG over the entire Minh Phu Group.

Additionally, Mitsui intends to leverage the sales networks established by Mitsui’s global group to expand the company’s sales.

Mitsui intends to support Minh Phu in order to further enhance the company’s growth by introducing new digital technologies, including artificial intelligence (AI) in farming ponds and processing plants.

Additionally, it will focus on enhancing the efficiency in the shrimp supply chain from farming to marketing.

Mitsui noted that it will continue its efforts to improve productivity, stability and sustainability of supply while adding values to food products.

Last March, Mitsui acquired a stake in Mark Foods, a seafood import and sales company that sells products to high-end retailers, distributors and restaurant groups in the US.