VNF was granted US$ 1 million in funding from FIRST among the 11 companies

After several rounds of reviewing and examining, on June 14th, 2018, VNF successfully became one of 11 enterprises to receive a US$ 1 million package for the project “Fostering Innovation through Research, Science and Technology” (FIRST).

FIRST is one of the scientific research projects co-organized by the Ministry of Science and Technology and World Bank in order to boost Vietnam’s economy through encouraging businesses to initiate creative activities, technology innovation and sustainable development.

With the proposed project “Finishing and mastering the biotechnological production process of shrimp by-product in order to increase productivity from 50% to 80%”, VNF aims to upgrade and standardize the production process of Chitin (from shrimp cells) and Shrimps soluble extract (from solution) to optimize operation, increase product quality and ensure environmental friendliness.

If successful, the project will enable VNF continue to expand its current scale. The project is also a turning point for the shrimp by-product processing industry in Vietnam, as this industry has very low yield recovery (chitin recovery rate is only about 4% and shrimp powder is only 20%). Improvements are needed in order to create major changes in technology, economic value, and environment.

The cooperative group with VNF in FIRST project