Phu Yen tuna brand catches Japanese hook

Rakuichi Broadband Solution, I-Point, Ohmasu, Sokurakuhonpo and At Work and Vietnamese partner Vinh Sam have inked a deal to set up a joint venture specialising in procuring, processing and exporting Phu Yen tuna with an initial investment of around $2 million.

The project’s investment procedures are under consideration by Vietnamese agencies.
Rakuichi Broadband Solution executive director Kensaku Matsumota said “We expect the Phu Yen tuna trademark to carve a market niche after two years and become Japanese customers’ top choice.”

The rewards for Phu Yen tuna are significant as Japan is the world’s largest and most demanding consumer market for the prized fish. The Vietnamese partner in the joint venture has a wealth of experience in exporting tuna to Japan, the US and the EU

When the fresh joint venture came online, refrigerated vessels would be supplied to the firm during the first two years of operations, said Matsumoto. “Besides, the Japanese partners will transfer tuna processing technology and relevant refrigerating and processing techniques to Vietnam to gradually raise product quality standards to reach Grades A and B out of seven ratings currently in use to assess tuna quality,” he said.

Phu Yen province deputy chairman Le Van Truc said the provincial authorities would look to approve the joint venture this month with the project coming online this year.

“Since Japanese firms planned to bring refrigerated vessels to operate in Vietnamese territories the provincial authorities will work with relevant state bodies to acquire permission in light of Decree 32/2010/ND-CP which controls operations of foreign fishing ships operating in Vietnam’s waters,” Truc said.